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
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