Forex - Malaysian Ringgit Soars To New Multi-year High Against Dollar [USD/MYR]
November 1, 2007 – 12:07 amOn Thursday morning in Asia, the Malaysian Ringgit advanced against the US dollar. The Ringgit hit a new multi-year high of 3.3306 at 11:10 pm ET, compared to 3.3375 late Wednesday in New York. The Ringgit then declined slightly and the pair is currently worth 3.334. The US dollar plunged against the other major currencies as the Federal Reserve lowered its interest rates by 25 basis points to 4.5% on Wednesday.
On Tuesday, the Malaysian central bank left it overnight policy rate unchanged at 3.5%. The decision came in line with economists’ expectations. In an accompanying statement, the apex bank said that Malaysia’s economic fundamentals continue to remain sound. Domestic demand has been the key driving force behind the headline GDP growth number. The bank believed that the strength of domestic fundamentals will help mitigate the impact, arising from higher oil prices and the uncertainty in the global financial markets.
Source: RTTNews
