Ringgit hits 10-year low in cautious trading
Publish date: Mon, 29 Jun 2015, 03:19 AM
KUALA LUMPUR: The ringgit fell to a 10-year low in cautious trading following concerns over Greece's debt default, dealers said.
At 5 pm, the local note was quoted at 3.7825/7855 against the greenback from 3.7660/7690 on Friday.
Jitters over a possible Fitch Ratings downgrade on Malaysia had also undermined the local currency.
One dealer said the greenback continued its upward momentum as US consumer spending in May recorded its larges increase in nearly six years and this supported expectation of an imminent hike in US interest rates later this year.
The local note also closed lower against other major currencies except the euro.
It weakened against the Singapore dollar to 2.8004/8045 from 2.7996/7020 on last Friday and eased against the yen to 3.0762/0799 from 3.0516/0543.
The ringgit trimmed against the British pound to 5.9400/9459 from 5.9318/9369, but strengthened against the euro to 4.2016/2061 from 4.2194/2235 last Friday. - BERNAMA
Discussions
Be the first to like this. Showing 14 of 14 comments
Why don't they buy thai bath and go thailand or buy rupiah and go indonesia?
Why they keep buying ringgit and putting them aside?
Answer:
Because they know ringgit is deeply undervalue!
Only Malaysians don't know.
2015-06-29 23:43
Very funny. Last time during 1997/8 crisis Spore banks offered 24% interest rate for ringgit deposit. It stopped when Dr M imposed capital control.
2015-06-29 23:55
Yes, many things are so funny.
When shares are sky high people are chasing greedily.
Today shares have fallen people should be buying; instead they are selling away cheaply.
So they buy high in euphoria and sell low in panic.
Very funny behavior.
Now I must go to sleep now.
Really an upside down world. Buy high and sell low? That's why 80% of the people eventually lose money in Stock Market. Really funny but true in real life.
2015-06-30 00:07
Look at Japanese market, Nikkei breaks 20 years high. Japanese Yen is very weak.
According to historical fact, weak currency will make stock market attractive.
Let us wait and see the outcome.
2015-06-30 00:26
currency war is very risky.ringgit weakening but export rate still poor.i believe sg dollar will hit 2.90 within this year.
2015-06-30 16:02
What goes up will come down, the same should be true for opposite right? xD
2015-07-01 09:58
from the grandmaster sifu OTB...''
News: Ringgit hits 10-year low in cautious trading
Jun 30, 2015 12:26 AM | Report Abuse
Look at Japanese market, Nikkei breaks 20 years high. Japanese Yen is very weak.
According to historical fact, weak currency will make stock market attractive.
2015-08-10 23:52
I thought 1MDB scandal was ended after sacking of DPM last week. Bickering is getting more intense. It seems this issue is out of control and DrM has resumed the attack. Political instability will definitely cause FF shy away from KLSE. Better reserve more cash. No kidding.
2015-08-11 00:12
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