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Malaysian ringgit hits 16 year low

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/07/2015 (16:51)
According to media reports, the Malaysian ringgit has fallen to a 16 year low against the US dollar due to political uncertainty stemming from corruption charges against the country’s prime minister. The dollar moved above 3.8 to the ringgit earlier in the week, sending the ringgit to its lowest level since May 1999, before ending the week at around 3.78. In addition to political uncertainty, sources cited weak oil and commodity prices as well as an unexpected downturn in country’s export levels as the causes behind the currency depreciation.

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 relatively more attractive.
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