The Malaysian Ringgit had a tremendous week last week closing the week at 3.1880 against the Greenback; an almost 2 year high. This level was achieved back in May 2008.
Analysts are saying that the Ringgit will be even stronger still; riding on the sentiment that China might allow modest appreciation of their currency, Yuan. And with the New Economic Model (NEM), it is believed that it is good enough to attract more foreign investments into the country.
This is of course bad news for people in the country who are earning American Dollars and other foreign currencies as Ringgit has strengthened against most major currencies too during this recent rally but it is certainly good news for people who need to spend overseas, like parents who have children in foreign institutes of higher learning. It means that they don't have to fork out so much Ringgit now.
Analysts are saying that the Ringgit will be even stronger still; riding on the sentiment that China might allow modest appreciation of their currency, Yuan. And with the New Economic Model (NEM), it is believed that it is good enough to attract more foreign investments into the country.
This is of course bad news for people in the country who are earning American Dollars and other foreign currencies as Ringgit has strengthened against most major currencies too during this recent rally but it is certainly good news for people who need to spend overseas, like parents who have children in foreign institutes of higher learning. It means that they don't have to fork out so much Ringgit now.
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