Malaysian Ringgit Falls To 6-year Low Against U.S. Dollar
January 20 2015 - 02:16AM
RTTF2
The Malaysian ringgit weakened against the U.S. dollar in the
late Asian session on Tuesday, after the nation cut its annual
growth forecasts amid a plunge in oil prices.
In the budget revision today, Prime Minister Najib Razak slashed
the economic growth forecast for this year to between 4.5 and 5.5
percent, down from an earlier target of 5-6 percent. While the
budget deficit is expected to be equal to 3.2 percent of gross
domestic product, which is bigger than the 3 percent estimated
initially but below the previous year's 3.5 percent.
Against the greenback, the ringgit fell to a 6-year low of
3.6164 from an early high of 3.5679. At yesterday's close, the
ringgit was trading at 3.5715 against the greenback.
If the ringgit extends its downtrend, it is likely to find
support around the 3.75 area.
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