Malaysian ringgit appreciates against major currencies

19:11, February 24, 2010      

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Malaysia's Ringgit appreciated against several major currencies including the U.S. dollar in the fourth quarter of 2009, according to a statement by the country's central bank on Wednesday.

Bank Negara Malaysia, the country's central bank, said in the statement that the ringgit appreciated by 1.5 percent against the U.S. dollar during the period.

This was due to further signs of global and regional economic recovery contributed to favorable investor sentiment towards the regional financial markets, said the bank.

The Ringgit also appreciated against the Japanese yen (4.4 percent), euro (3.3 percent) and pound sterling (1.2 percent) at the same time.

Regionally, the Ringgit appreciated against the Chinese RMB (1. 4 percent), Thai baht (0.9 percent), Singapore dollar (0.7 percent) and South Korean won (0.3 percent).

The bank pointed out that the Japanese yen had depreciated against most currencies due to the market expectation for a weaker yen to support economic recovery.

Euro's depreciation was due to concerns over soverign-credit issues in several European Union countries, added the bank.

Meanwhile, the bank said the Malaysian Consumer Price Index dropped 0.2 percent in the fourth quarter of 2009, largely due to the downward adjustments in fuel prices since the second half of 2008.

Source: Xinhua
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