The Malaysian ringgit has fallen to a record low against the Singapore dollar, with $1 worth 3.0049 ringgit when markets opened this morning, according to Bloomberg data.
The ringgit also fell to a fresh 17-year low against the US dollar, as sustained worries about China’s economy dented global risk appetite with European and Wall Street stocks suffering their largest one-day drop in nearly four years.
Prime Minister Najib Razak said on Thursday that Malaysia’s economy was on a sound footing, seeking to assuage growing public and investor fears over the nation’s plummeting currency and slowing growth.
“Malaysia’s financial system resilience remains intact,” Najib said, according to a statement from his office.
Najib, who is also finance minister, added that the plunging ringgit would not be pegged against the greenback to stem its decline, a step taken in the late 1990s amid an earlier precipitous fall.
The ringgit is Asia’s worst-performing currency over the past year. It began falling initially on concerns that the world slump in oil prices will harm economic growth in oil-exporting Malaysia.
Text: Reuters/AFP
Photo: Dollars And Sense
