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Malaysian Ringgit hits 17 year low against US dollar

by ChemOrbis Editorial Team -
  • 12/08/2015 (11:35)
According to media reports, the Malaysian ringgit has fallen to a 17 year low against the US dollar, posting the lowest level seen since the Asian financial crisis in 1997. The ringgit moved 0.7% lower against the US dollar, hitting the 3.96 level.

The drop in the ringgit was attributed to declining crude oil prices, an anticipated increase in interest rates by the US Federal Reserve, decreasing government bond prices and the devaluation of the Chinese yuan.

Sources also reported that country’s polymer imports may be affected negatively by the currency weakness. Buying interest for import products is expected to move lower as local prices become more attractive.
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