Malaysian Ringgit Heads for Weekly Gains vs. Dollar

The Malaysian ringgit headed to a weekly gain against the US dollar today as the worsening economy of America shifted attention of investors from the greenback to higher-yielding currencies.

The dollar weakened after Moody’s Investors Service said that it has put the US Aaa credit rating under review for downgrade. This announcement followed the statement of Standard & Poor’s in April that the US may lose its top credit rating unless the nation will reduce its debt and trade deficit. Malaysia’s exports expanded 11.1 percent in April from a year ago, compared to the median estimate of 11.3 percent.

USD/MYR fell to 3.0130 from 3.0200 as of 11:16 GMT and posted the intraday low of 3.0065 today.

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