Malaysian Ringgit Recovers Against U.S. Dollar
January 06 2015 - 11:47PM
RTTF2
The Malaysian ringgit recovered from its early lows against the
U.S. dollar in the Asian session on Wednesday after data showed
that the nation's exports increased unexpectedly in November.
Data from the Department of Statistics showed that Malaysia's
exports climbed 2.1 percent year-on-year in November, defying
economists' expectations for a 0.7 percent decline. Meanwhile,
imports grew only 0.1 percent, much slower than a 8.3 percent rise
expected by the economists.
The total trade surplus of the country rose to MYR 11.1 billion
in November from MYR 9.9 billion last year. Economists had forecast
the surplus to shrink to MYR 4.1 billion.
Against the greenback, the ringgit rose to 3.5567 from an early
early 6-year low of 3.5877.
If the ringgit extends its uptrend, it is likely to find
resistance around the 3.49 area.
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