12 Aug '15, 3am

Ringgit falls below 4 per US dollar for first time since 1998

Ringgit falls below 4 per US dollar for first time since 1998

KUALA LUMPUR (BLOOMBERG, REUTERS) - Malaysia's ringgit weakened beyond the psychologically important 4 per US dollar level for the first time since 1998 as investors flee the country's assets after China's shock devaluations and amid a slowing economy and controversy over finances linked to Prime Minister Najib Razak. The ringgit tumbled more than 1 per cent to 4.0025 a US dollar as of 11.02am in Kuala Lumpur, according to prices from local banks compiled by Bloomberg. The Malaysian unit was trading down 1.1 per cent to 4.0040 to the US dollar as of 0335 GMT (11.35am in Singapore), its weakest since Sept 1, 1998. The ringgit also lost ground against the Singapore dollar, which was itself hit by China's second yuan devaluation on Wednesday (Aug 12). The Malaysian currency was trading at 2.84 to the Singdollar at about 11.45am, down from its close at 2.82 on Tuesday. China's...

Full article: http://www.straitstimes.com/business/economy/ringgit-fall...

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