Ringgit elevates against greenback
With a selling pressure mounted by Lehman Brothers decision of filing for economic failure, Ringgit has an elevated opening against US currency. After closing down at 3.4525/4575, Ringgit was being traded against US dollar with 3.4475/4505, at 9 in the morning.
According to a dealer, the fall of US currency is caused by concern mounted by weakening of credit crisis across the globe, which includes struggle by American International Group and the purchase of Merrill Lynch by Bank of America.
Alan Greenspan, Former US Federal Reserve Chairman, said that it is likely that the crisis in financial market caused by fall of US subprime-mortgage market will lead to collapse of more such companies.
In morning, Ringgit was being traded at mix value with other major currencies. After a close of 2.4096/4153 on Monday, Ringgit fell against Singapore dollar as it touched 2.4103/4141. While in opposition to Japanese yen, it moved down from a previous value of 3.2988/3051 to 3.3038/3076
On the other hand, the currency witnessed an elevation against euro and pound sterling, as it went from 4.9260/9345 to 4.9020/9076 against euro and 6.2035/2135 to 6.1759/1830 against pound sterling.