Ringgit Declines by 2.3% in Two Days

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The Malaysian ringgit has dropped by 2.3 percent in the last two days. This is the sharpest decline the ringgit has seen since June 1998, during the 1997-1998 Asian financial crises, when the ringgit lost 50% of its value against the US dollar. This, according to The Star, is due to decline in oil prices.

As of 5pm yesterday, the ringgit’s decline was recorded at 3.4340 against the US dollar. The benchmark FBM KLCI (Ftse Bursa Malaysia Kuala Lumpur Composite Index) which measures the key 30 stocks of Bursa Malaysia was down to 2.34%, which is the worst performance in one day, in 22 months.

According to the New Straits Times, the decline led to “losses in emerging markets on concern a protracted slide in crude will erode the net oil-exporting nation’s revenue.”

Story from: The New Straits Times and The Star

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