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Friday, August 21, 2015

Ringgit at fresh 17-year low ahead of FX reserves data

The ringgit falls to 4.1780 per US dollar today. – The Malaysian Insider filepic, August 21, 2015.The ringgit falls to 4.1780 per US dollar today. – The Malaysian Insider filepic, August 21, 2015.The ringgit fell to a fresh 17-year low today as investors awaited foreign exchange reserve data for signs on how much ammunition the central bank has left to defend the currency.
The ringgit fell nearly 1% to 4.1780 per dollar, its weakest since August 31, 1998.
The country pegged the ringgit at 3.8000 to the US currency in September 1998 and maintained it until 2005.
A protracted political crisis, slumping commodity prices and an investor exodus from emerging market assets have all undermined the currency's appeal, and pressure intensified after China's surprise yuan devaluation last week.
Malaysia is a major supplier of liquefied natural gas and palm oil. – Reuters

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