Published at 02:56 (GMT) 31 Mar
TheStar: The government has no plan to peg the ringgit against the US dollar to address its depreciation, Deputy Finance Minister Datuk Chua Tee Yong said. He said the current situation is different from the financial crisis in 1997-1998 when such measure was taken as the country's economic condition now is on a strong footing. "The current situation is driven by global development that have also affected other countries in the region. "What is important our economic activities are not affected and a drastic measure like pegging the ringgit is only for extreme situations and we are not embroiled in the quandary," he said
The rally in USD/MYR took a breather as it prices fell back from the high of 3.7210 yesterday, falling to a low of from 3.7060 from 3.7165 before rebounding again. We expect 3.7000 to act as resistance turned support, and prices could oscillate between 3.7000 - 7300 for the rest of the week, with a slight bias on the upside. Ten year yields last trading at 3.9010%. C.L
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