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Malaysian Ringgit Rises To Near 3-week High Against U.S. Dollar

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Malaysian Ringgit Rises To Near 3-week High Against U.S. Dollar Empty Malaysian Ringgit Rises To Near 3-week High Against U.S. Dollar

Post  Admin on Tue Nov 24, 2015 7:54 am

Malaysian Ringgit Rises To Near 3-week High Against U.S. Dollar
The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Tuesday, as oil prices rebounded, and Malaysia's stocks rose after the nation's troubled state investment company agreed to sell its power assets. 

Oil prices rebounded after Saudi Arabia signaled that it is ready to co-operate with OPEC and non-OPEC producers to preserve price stability in oil markets. 

The nation's benchmark FTSE Bursa Malaysia KLCI rose after 1Malaysia Development Bhd. had agreed to sell its power assets to China General Nuclear Power Corporation for 9.83 billion ringgit. 

Against the greenback, the ringgit rose to nearly a 3-week high of 4.2475 from yesterday's closing value of 4.3010. 

If the ringgit extends its uptrend, it is likely to find resistance around the 4.20 area.


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