The Malaysian ringgit fell to its lowest level since the Asian Financial Crisis as the currency was weighed by the dollar’s rise and a widening rate differential with the US.
The currency dropped by 0.3% to 4.7635 per dollar, the weakest since 1998. It’s the worst performer in Asia this year after the yen.
The latest bout of losses come as the dollar gains on haven demand amid concerns over the Israel-Hamas war. The Southeast Asian country also posted six straight months of decline in exports through August, partly due to a slowdown in China, its largest trading partner. September export figures are due noon local time on Thursday.
Read the full story on Bloomberg here.