Malaysia: Ringgit opens lowest in 8 months against USD

• Aug 15, 2018

KUALA LUMPUR: The ringgit slid further against the US dollar in early trade today, reaching an eight-month low amid escalating tension between Washington and Ankara.

At 9 am, the local note was traded at 4.0970/1000 versus the greenback from yesterday’s close of 4.0950/1000.

Hermana Capital Bhd Chief Executive Officer and Chief Investment Officer Datuk Nazri Khan Adam Khan said currently investors were worried about the contagion affecting emerging market currencies, which saw a move to a safe haven.

“Malaysia will be affected as we are a significant trading partner with Turkey, with the nation being the 18th largest economy in the world. However, the ringgit (poor) performance is due to external factors, not domestic,” he said.

Yesterday, Turkey retaliated with a boycott on American electronic products after the US hit the nation with higher tariff on aluminium and steel following the detention of an American pastor.

The ringgit, however, was traded higher against a basket of major currencies.

It increased against the Singapore dollar to 2.9714/9747 from 2.9795/9851 on Tuesday and rose against the Japanese yen to 3.6787/6818 from 3.6909/6964.

The local note inched up against the British pound to 5.2061/2107 from 5.2330/2410 and strengthened vis-a-vis the euro at 4.6435/6486 from 4.6699/6769. – Bernama

Source: https://www.thestar.com.my/business/business-news/2018/08/15/ringgit-opens-lowest-in-8-months-against-usd/#3jT99w7Qq3w44lIv.99