Ringgit depreciation against US dollar due to Congress deadlock on debt-ceiling suspension vote, says Rafizi

PUTRAJAYA, May 31 — The recent depreciation of the ringgit versus the US dollar is due to looming concerns over the United States's congressional approval to temporarily...

PUTRAJAYA, May 31 — The recent depreciation of the ringgit versus the US dollar is due to looming concerns over the United States's congressional approval to temporarily suspend the US debt limit, Economy minister Rafizi Ramli said today.

“When you have disagreements on raising the debt ceiling, the US government cannot spend, and when you cannot spend there are risks the US might not be able to service its debts. Rafizi said it was crucial that Malaysians take an overall and long-term perspective of the country's economy as the uncertainties will eventually be resolved.

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