Ringgit hits 18 year low against US dollar
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, the Malaysian ringgit has fallen to an 18 year-low against the US dollar, posting the lowest level seen since the Asian financial crisis in 1998. The ringgit fell by around 6% against the US dollar since the new presidential elections on November 8.
The drop in the ringgit was attributed to the fact that the country’s economy, which is Asia’s third largest, was badly affected by investors’ suspension of their investments in emerging markets after the US election.
Malaysia’s central bank reportedly told foreign banks not to make long-distance speculations on the ringgit and warned that it can intervene with the businesses of those who have been trading the ringgit in the non-deliverable forwards market.
The drop in the ringgit was attributed to the fact that the country’s economy, which is Asia’s third largest, was badly affected by investors’ suspension of their investments in emerging markets after the US election.
Malaysia’s central bank reportedly told foreign banks not to make long-distance speculations on the ringgit and warned that it can intervene with the businesses of those who have been trading the ringgit in the non-deliverable forwards market.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand
- PP and PE markets turn softer in Egypt, Mid-East
- European PET extends bearish trend into 3rd consecutive month
- European PS, ABS markets down after 4 months
- Thai PP, PE markets subdued by slowing economy, competitive imports
- Vietnam’s PE market extends losses into June on frail demand
- Asian spot naphtha prices pull back from multi-month highs
- China gears up for new PP start-ups in H2 2019
