Ringgit under added pressure after doubt over Malaysia’s spot in bonds market
At the market’s closing, the ringgit was down 0.05 per cent to RM4.1345 against the US greenback, 0.08 per cent against the pound sterling at RM5.3949 and 0.35 per cent to the euro at RM4.6804. — Reuters pic
At the market’s closing, the ringgit was down 0.05 per cent to RM4.1345 against the US greenback, 0.08 per cent against the pound sterling at RM5.3949 and 0.35 per cent to the euro at RM4.6804. The nation's bond market is being considered for a potential downgrade from the current rating of two to one — the lowest on the WGBI — which would trigger the removal.
Maybank Kim Eng Research predicted the drop is likely to happen unless fundamental changes are made to improve the nation's market accessibility. The news pushed Malaysia's FBM KLCI down to the lowest point since 2016 with the benchmark index closing at 1,620.90 points, lower by 0.53 per cent or 8.56 points yesterday.VCAP Asset Managers Sdn Bhd chief executive officer Taufiq Iskandar Jamingan reportedly told the English daily that the reason behind FTSE Russell's move was unknown.
“The effects could be extended to the currency market and the ringgit may experience a downward pressure in the short term. As for equity market, investors may seek refuge in yield and value plays as the outflow of foreign funds continues,” he reportedly said.
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