Malaysian Ringgit Drops To 1-week Low Against U.S. Dollar
April 10 2015 - 1:22AM
RTTF2
The Malaysian ringgit weakened against the U.S. dollar in Asian
session on Friday.
In economic news, data from the Department of Statistics showed
that Malaysia's industrial production rose 5.2 percent
year-over-year in February, much slower than January's 7.0 percent
growth. Economists had forecast a 5.1 percent climb for the
month.
Month-on-month, industrial production dropped a seasonally
adjusted 0.1 percent in February. Both manufacturing and mining
sector registered an increase of 0.3 percent.
Also, the sales value of manufacturing sector fell 2.6 percent
year-over-year to MYR 52.1 billion in February from MYR 53.5
billion in the corresponding month previous year.
Against the greenback, the ringgit fell to a 1-week low of
3.6494 from an early high of 3.6283. At yesterday's close, the
ringgit was trading at 3.6415 against the greenback.
If the ringgit extends its downtrend, it is likely to find
support around the 3.72 area.
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