Wednesday, 7 September 2011

Europe Weakens Asian Currencies, Malaysian Ringgit Down

The Malaysian ringgit fell today, along with other Asian currencies, as concerns about Europe's problems intensified after the vote the ruling party of Germany lost, reducing the prospects for Asian exports.

The MSCI Asia Pacific Index of shares fell to 1.4 percent, falling 5.1 percent in the last three sessions. The Bloomberg index, JPMorgan Asia dollar, tracking 10 most traded currencies in Asia excluding the yen fell to 119.21, its lowest level in over a week. The Stoxx Europe 600 index yesterday posted the biggest two-day decline since March 2009 on speculation about the disagreement among European leaders and the International Monetary Fund on the rescue of indebted nations of Europe.

USD/MYR advanced from 2.9790 to 2.9825 as of 13:03 GMT today.

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