After a brief uptrend, the Malaysian ringgit dropped against the U.S. dollar during Asian deals on Friday. The pair moved from 3.6070 to 3.62 by about 11:25 pm ET. On the downside, 3.639 is seen as the next target level for the Malaysian currency. The dollar-ringgit pair was worth 3.6090 at yesterday's close.
Yesterday, Malaysian Prime Minister Najib Razak unveiled his 28-member national unity cabinet including an ethnic Indian in the face of unprecedented protests by ethnic groups alleging marginalization, reports say.
Promising a government responsive to people's aspirations, Najib, who took over as the premier of this multi-ethnic country April 3, said his Cabinet reflected the diversity of the ruling coalition of Barisan Nasional, which is made up of various ethnic parties.
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