The company was lucky, he added, because it had decided, early last year, to hedge its currency position throughout 1997 when the Ringgit was at RM2.47 to the US dollar . ` We will continue to be conservative this year and take the appropriate forward position,'he said.
32.
"Short-term guys, when they saw the move, were like vultures swooping in and hitting stops, " said Scott Ainsbury, portfolio manager at FX Concepts, an investment management firm in New York with about $ 1 billion in currency positions . " They're trying to squeeze people out ."
33.
The company was lucky, he added, because it had decided, early last year, to hedge its currency position throughout 1997 when the Ringgit was at RM2 . 47 to the US dollar . ` We will continue to be conservative this year and take the appropriate forward position,'he said.
34.
"Never before has the guardian of the world's main reserve currency been its biggest net debtor, " the Economist wrote . " Those bearish on the dollar are asking why investors will want to hold the assets of a country that has, by its own accounts, jeopardized its reserve-currency position ."
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