The Malaysian Ringgit has now fallen to its lowest level in 25 years, dropping by 0.3% to 4.7635 per the United States Dollar (USD), the weakest since the
As reported by Bloomberg, the Ringgit continued to be weighed down by the dollar’s rise and widening rate differential with the United States.
The report further elaborated that the latest bout of losses comes as USD gains on haven demand amidst concerns over the ongoing Israel-Hamas conflict. Mizuho Bank Ltd Singapore’s head of economics and strategy Vishnu Varathan commented on the Ringgit’s terrible performance, saying that it was 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”.
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