May 19, 2012 13:14 PM
FOREX: Ringgit To Be Vulnerable To Further Downtrend Next Week
KUALA LUMPUR, May 19 (Bernama) -- The ringgit is expected to be vulnerable to further downtrend, and may hit the 3.15 level against the US dollar next week, on escalating concerns over the eurozone debt crisis, dealers said.
This is amid deepening financial instability in the eurozone with concerns that the possibility of Greece exiting from the eurozone due to political uncertainty could cause catastrophic consequences to the global economy.
During the week, the ringgit fell most among Asian currencies, on weakening outlook of the global economy as China, the second largest world economy, faced slower foreign direct investment.
China is a major trade partner for Malaysia.
Elsewhere in Asia, currencies were also oversold as investors shunned risky assets, with no strong concrete sign yet of a resolution to the eurozone debt crisis.
On a Friday-to-Friday basis, the ringgit was sharply lower against the US dollar at 3.1350/1380 from 3.0690/0720 last Friday.
The ringgit was also sharply lower against the Singapore dollar at 2.4615/4648 from 2.4528/4562 last Friday.
The local currency was sharply lower against the yen at 3.9528/9581 from 3.8386/8443 last Friday.
The ringgit was sharply lower against the British pound at 4.9508/9568 from 4.9472/9530 last Friday.
The ringgit was sharply lower against the euro at 3.9777/9824 from 3.9719/9767 last Friday.
-- BERNAMA
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news coverage in our Newswire service.
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FOREX: Ringgit To Be Vulnerable To Further Downtrend Next Week
KUALA LUMPUR, May 19 (Bernama) -- The ringgit is expected to be vulnerable to further downtrend, and may hit the 3.15 level against the US dollar next week, on escalating concerns over the eurozone debt crisis, dealers said.
This is amid deepening financial instability in the eurozone with concerns that the possibility of Greece exiting from the eurozone due to political uncertainty could cause catastrophic consequences to the global economy.
During the week, the ringgit fell most among Asian currencies, on weakening outlook of the global economy as China, the second largest world economy, faced slower foreign direct investment.
China is a major trade partner for Malaysia.
Elsewhere in Asia, currencies were also oversold as investors shunned risky assets, with no strong concrete sign yet of a resolution to the eurozone debt crisis.
On a Friday-to-Friday basis, the ringgit was sharply lower against the US dollar at 3.1350/1380 from 3.0690/0720 last Friday.
The ringgit was also sharply lower against the Singapore dollar at 2.4615/4648 from 2.4528/4562 last Friday.
The local currency was sharply lower against the yen at 3.9528/9581 from 3.8386/8443 last Friday.
The ringgit was sharply lower against the British pound at 4.9508/9568 from 4.9472/9530 last Friday.
The ringgit was sharply lower against the euro at 3.9777/9824 from 3.9719/9767 last Friday.
-- BERNAMA
We provide (subscription-based)
news coverage in our Newswire service.
View the original article here
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