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March 22, 2007

Good sign...Will it sustain ?

Filed under: Investment

Ringgit hits nine-year high against dollar

March 22 2007

THE ringgit rose to its highest level in nine years against the US dollar yesterday, with dealers saying comments made by Prime Minister Datuk Seri Abdullah Ahmad Badawi helped push the currency to close at RM3.4730/3760 against the greenback.In an interview with Reuters and CNBC, Abdullah said the Government prefers a stronger currency.Dealers said Abdullah’s comment was an indication that the Government would not resort to intervention in the foreign exchange (forex) market just to keep exports competitive.Across Asia yesterday, currencies appreciated against the dollar, which dealers said also declined following reports that the Bank of China would stop amassing forex reserves.Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz told reporters yesterday that as the economy continues with its present growth trend, appreciation of the currency is expected.

Taken from Btimes.com.my emoticon

1 Comment »

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  1. I'd like to start trading forex but am relatively new... does anyone know if forex trading edge is any good... or does anyone know of a site that can compare brokers for me to look into? Thank you

    Comment by Mike Bailey — January 14, 2008 @ 9:47 pm

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