BNM’s decision to pause interest rate hikes since July adds headwinds for the local currency.
PETALING JAYA: The Malaysian ringgit fell to its lowest level since the Asian Financial Crisis as the currency was weighed down by the dollar’s rise and a widening rate differential with the US.It’s the worst performer in Asia this year after the yen.
Malaysia also posted six straight months of decline in exports in August, partly due to a slowdown in China, its largest trading partner.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.
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