The Malaysian ringgit has dropped to a new record low against the Singapore dollar, and is now trading at 3.0049 ringgit per S$1 shortly after the markets opened on Monday, according to Bloomberg data and reported in the media.
Compared to last Friday’s close of 2.9760, this decline represents a 0.9 percent fall.
The ringgit also plunged to a fresh 17-year low against the US dollar as ongoing concerns about China’s economy dented global risk appetite, with European and Wall Street stocks suffering their largest one-day drop in nearly four years last week.
The ringgit also fell 0.9 percent against the greenback, now at 4.2200 per $1—its weakest showing since 31 August 1998. The ringgit was pegged at 3.8000 to the US dollar in September 1998 and maintained that level until 2005.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
