News Column

Malaysian Ringgit Strengthens To 5-day High Against US Dollar

August 4, 2014

KUALA LUMPUR (Alliance News) - The Malaysian ringgit strengthened against the US dollar in the Asian session on Tuesday.

The ringgit was supported on expectations that Malaysia's central bank will increase borrowing costs at least once more this year. Bank Negara Malaysia raised it benchmark rate for the first time in three years to 3.25% in July to address the potential rise in financial imbalances.

Against the greenback, the ringgit rose to a 5-day high of 3.1858. At yesterday's close, the ringgit was trading at 3.2023 against the greenback.

If the ringgit extends its uptrend, it is likely to find resistance around the 3.17 zone.

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Source: Alliance News

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