Europe’s Troubles & China’s Tightening Sap Strength from Ringgit

The Malaysian ringgit weakened today as concerns about Europe’s debt crisis and China’s tightening measures draw traders away from riskier currencies.

China’s central bank announced that it’s increasing reserve requirements for lenders from April 21. Finland may vote against the bailout for Portugal after the elections on the weekend. The Bloomberg-JPMorgan Asia Dollar Index fell 0.1 percent. The Malaysian currency rose earlier on the speculation that the nation’s central bank will increase the interest rates.

USD/MYR rose from 3.0255 to 3.0260 today as of 10:46 GMT after falling earlier to 3.0215.

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