SINGAPORE — The Malaysian ringgit fell to a fresh all-time low against the Singdollar today (Aug 21), trading at 2.9708 at about 12pm from its close of 2.9464 yesterday.
Against the US dollar, the ringgit was at a 17-year low today, falling nearly 1.0 per cent to 4.1780 per US dollar, its weakest since Aug 31, 1998. Investors are waiting for foreign exchange reserve data for signs on how much ammunition the central bank has left to defend the currency.
The country pegged the ringgit at 3.8000 to the US currency in September 1998 and maintained it until 2005.
Malaysia will release the reserves data as of mid-August at 1000 GMT. Its international reserves fell below the US$100 billion (S$140.8 billion) mark last month.
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.
The South-east Asian country is a major supplier of liquefied natural gas and palm oil. WITH REUTERS