Buying interest in the ringgit pushed the Malaysian currency higher at its opening against the US dollar. — Reuters pic
A dealer said the greenback remained strong as traders kept their focus on the health of US economy, which would give hint on the magnitude of the rates cuts by the Federal Reserve during its policy meeting later this month. Referring to the International Monetary Fund External Sector Report, the greenback according to the dealer, is overvalued by six per cent to 12 per cent based on near-term economic fundamentals.
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