28th December 2011
Renewed interest for emerging currencies saw the Malaysian ringgit close up against the dollar in forex trading on Wednesday (December 28th).
The currency hit 3.1640/1670 versus the greenback at 17:00 local time, up from 3.1658/1690 at the same time yesterday, reports Bernama. Gains were also recorded against most other major currencies, including the sterling and the euro.
One dealer claimed traders are eyeing more sales for the Italian bonds in 2012, adding the sell-off of debts would be watched closely as the European nation's ten-year yields approach the seven per cent mark generally considered unsustainable.
Greece and Ireland were both forced to seek bailouts from the EU after their yields rose to this amount, with European finance ministers agreeing at the end of last month to release their shares of an €8 billion package for Greece.
Another dealer added: "It will be another test of the market's appetite for what will be a feast of sovereign issuance next year."
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