Ringgit Falls to Five-Year Low as Oil Slump Cuts Revenue Outlook
This article is for subscribers only.
Malaysia’s ringgit fell to the weakest level in almost five years on concern a slide in oil will make it harder for the government to achieve its fiscal deficit target.
The currency depreciated 0.5 percent to 3.4435 per dollar in Kuala Lumpur, according to data compiled by Bloomberg. It earlier dropped to 3.4462, the lowest since February 2010. The price of Brent crude has declined 38 percent from its June high, cutting revenue for oil exporter Malaysia.