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Ringgit recovers from recent steep losses
by Cals Fri 16 Aug 2013, 19:16
Ringgit recovers from recent steep losses
Business & Markets 2013
Written by Bernama
Friday, 16 August 2013 17:49
KUALA LUMPUR (Aug 16): The ringgit closed higher against the US dollar today, recovering from recent steep losses, driven by hopes that a pick up in Malaysia's economy in the second quarter could help in bolstering the ringgit, which has been on a sliding trend since middle of May, dealers said.
Economists are projecting a pick up in Malaysia's economy in the second quarter, supported by domesic demand and government spending.
The ringgit gained against the US dollar at 3.2748/2778, from 3.2750/2780 yesterday.
The local currency also rose against the Singapore dollar to 2.5784/5818, from 2.5791/5823 yesterday, but was lower against the yen at 3.3588/3632, from 3.3453/3500 on Thursday.
The local currency was also traded lower against the British pound to 5.1218/1275, from 5.1011/1071 yesterday, and was easier against the euro to 4.3676/3719, from 4.3518/3568 on Thursday.
Business & Markets 2013
Written by Bernama
Friday, 16 August 2013 17:49
KUALA LUMPUR (Aug 16): The ringgit closed higher against the US dollar today, recovering from recent steep losses, driven by hopes that a pick up in Malaysia's economy in the second quarter could help in bolstering the ringgit, which has been on a sliding trend since middle of May, dealers said.
Economists are projecting a pick up in Malaysia's economy in the second quarter, supported by domesic demand and government spending.
The ringgit gained against the US dollar at 3.2748/2778, from 3.2750/2780 yesterday.
The local currency also rose against the Singapore dollar to 2.5784/5818, from 2.5791/5823 yesterday, but was lower against the yen at 3.3588/3632, from 3.3453/3500 on Thursday.
The local currency was also traded lower against the British pound to 5.1218/1275, from 5.1011/1071 yesterday, and was easier against the euro to 4.3676/3719, from 4.3518/3568 on Thursday.
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