Malaysian Ringgit Down on Growth Concerns, Europe’s Crisis

The Malaysian ringgit dropped today on the signs that the global economic recovery is faltering and on the speculation that Europe’s leaders won’t be able to deal with the debt issues.

Asian currencies, as well as other higher-yielding assets, were falling as the European policy makers can’t agree whether to incur losses in Greece’s second bailout on holders of the Greek bonds. The MSCI Asia Pacific Index of regional shares dropped 0.9 percent, while the MSCI World Index slumped as much as 1.5 percent on June 10. The Thomson Reuters/Jefferies CRB Commodity Price Index went down 0.8 percent.

USD/MYR went up to 3.0430 from 3.0235 today as of 8:51 GMT.

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