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, with the currency was weighed by the US dollar’s rise and a widening rate differential with the United States.
The currency dropped by 0.3 per cent from Wednesday to 4.7607 per US dollar, the weakest since 1998. It’s the worst performer in Asia this year after the yen, having dropped more than 8 per cent against the greenback. Against the Singapore dollar, the ringgit was relatively unchanged from Wednesday, trading at 3.4679 as at 10.27am. To date this year, the ringgit has weakened more than 5 per cent versus the Singdollar, its slide limited by the Singapore’s currency own weakening.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.
Ringgit underperformance has been due to “real rate spreads that could turn a lot more unfavourable, especially as the subsidy rollback hits inflation and reveals softer real policy rates,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore. Policymakers face a trade off between economic headwinds from higher rates, or the risk of not responding and endangering macro and ringgit stability, he added. BLOOMBERGPlease verify your e-mail to read this subscriber-only article in full
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