Malaysian Ringgit Rises To Near 3-week High Against U.S. Dollar
November 23 2015 - 7:21PM
RTTF2
The Malaysian ringgit strengthened against the U.S. dollar in
the Asian session on Tuesday, as oil prices rebounded, and
Malaysia's stocks rose after the nation's troubled state investment
company agreed to sell its power assets.
Oil prices rebounded after Saudi Arabia signaled that it is
ready to co-operate with OPEC and non-OPEC producers to preserve
price stability in oil markets.
The nation's benchmark FTSE Bursa Malaysia KLCI rose after
1Malaysia Development Bhd. had agreed to sell its power assets to
China General Nuclear Power Corporation for 9.83 billion
ringgit.
Against the greenback, the ringgit rose to nearly a 3-week high
of 4.2475 from yesterday's closing value of 4.3010.
If the ringgit extends its uptrend, it is likely to find
resistance around the 4.20 area.
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