Ringgit gets no reprieve as it slides with oil on slowing China
Posted by Trading Advisor on 2:12 PM with No comments
Malaysia's ringgit fell for an 11th week in its
longest stretch of losses since 1993 as lower energy prices weigh on the
oil exporter's earnings and capital flows out of emerging markets amid
slowing Chinese growth.
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"For the ringgit, it has almost become a perfect storm," said Mitul
Kotecha, head of Asia Pacific currency strategy at Barclays Plc in
Singapore. "The external position has come under focus. There are lower
oil prices, weaker external demand and looming Federal Reserve rate
hikes." The ringgit depreciated 1.4 per cent in the past five days and
0.3 per cent on Friday to 4.2595 a dollar as of 10:30 am in Kuala
Lumpur, according to prices from local banks compiled by Bloomberg. It
has weakened 18 per cent this year and fell to a 17-year low of 4.2990
on Aug 26.
Categories: Ringgit
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