Malaysian Ringgit has gone through a bad patch over the last 1 week. It seems that the General Election is having its effect on our currency as well? As below, usually Ringgit traded within a range against Thai Baht - most of the time trading around 1 MYR = 10.10 THB. Most recently, MYR has weakened to 9.58.
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| The usually stable MYR against Thai Baht faced a change where MYR dropped significantly over the last week |
Usually, currency trading over the short term really reflect the sentiment rather than longer term fundamentals. Why has MYR dropped? Funds pull out? These are short term funds so to speak - have foreign funds been selling on our stock market as over the recent month, most markets have been performing with the exception of Malaysian market. Or could it be the currency traders have been shorting the Malaysian Ringgit?
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| The sharp drop in MYR against Euro. Pretty much the same against most other major currencies |
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