KUALA LUMPUR, Oct 19 ― The Malaysian ringgit has reportedly tumbled by 0.3 per cent to 4.735 per dollar, recorded as the weakest since 1998. Bloomberg reported that the currency...
According to a report, the ringgit dropped to the lowest ever since the Asian Financial Crisis and is considered as the worst performer in Asia after yen, this year. ― Picture by Miera ZulyanaKUALA LUMPUR, Oct 19 ― The Malaysian ringgit has reportedly tumbled by 0.3 per cent to 4.735 per dollar, recorded as the weakest since 1998.
Similarly, the high gains in dollars were also driven by the demand for safe havens due to the conflict between Israel and Hamas, leading to the latest drop in the local currency.In August, the Southeast Asian country noted a six-month straight export decline, which was partly due to the slowdown in China, which is its major trading partner.
As a result, the local overnight policy rate is now historically discounted in relation to the US federal funds rate ceiling.Mizuho Bank Ltd in Singapore Economics and Strategy Head, Vishnu Varathan reportedly commented that the 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.
Earlier this month, Prime Minister Datuk Seri Anwar Ibrahim, who is also finance minister, said that the ringgit’s depreciation however is not as severe as the value of the Japanese yen or Thailand’s baht that are also experiencing depreciation.
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