Business News

Malaysian ringgit hits 3-year low on Fed tapering view

Thursday, 22 August 2013

SINGAPORE, Aug 22 (Reuters) - The Malaysian ringgit fell to its lowest in more than three years on Thursday as the U.S. Federal Reserve looked set to taper its asset-buying programme next month.

The ringgit lost as much as 0.8 percent to 3.3200 per dollar, the weakest since June 2010.

On a technical chart, the Malaysian currency is seen weakening to 3.3345, the 50.0 percent Fibonacci retracement of its appreciation between 2009 and 2011.

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