Malaysian Ringgit Rises To 2-week High Against U.S. Dollar
(RTTNews) - The Malaysian ringgit strengthened against the U.S. dollar in the European session on Tuesday.
Against the U.S. dollar, the ringgit rose to a 2-week high of 4.7600 from an early 4-day low of 4.7795. At yesterday's close, the ringgit was trading at 4.7750 against the greenback.
If the ringgit extends its uptrend, it is likely to find resistance around the 4.71 region.
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After struggling for direction during the Asian and European sessions on Thursday, the U.S. dollar climbed higher in the New York session, buoyed by data showing a more than expected increase in U.S. retail sales in the month of September. Data showing a drop in jobless claims contributed as well to the dollar's rise.
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