The Malaysian currency fell to its lowest level since the Asian Financial Crisis. Read more at straitstimes.com.
SINGAPORE - The Malaysian ringgit fell to its lowest level since the 1997-1998 Asian Financial Crisis, as the currency was weighed by the US dollar’s rise andThe currency dropped by 0.3 per cent to 4.7607 per dollar, the weakest since 1998. It’s the worst performer in Asia this year after the yen.
Against the Singapore dollar, the ringgit was unchanged from Wednesday, trading at 3.4671 per Singdollar at 8.41am.Bank Negara Malaysia’s decision to pause interest-rate hikes since July is also adding headwinds for the currency as global central banks sound hawkish. That’s put the local overnight policy rate at a record discount relative to the upper bound of the Fed fund rate.
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