Ringgit Completes Steepest Annual Loss Since 1997 as Oil Slumps
- Fed rate increase, China slowdown added to pain this year
- Currency to fall more in 2016 though drop seen slowing: survey
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Malaysia’s ringgit capped its biggest annual decline since 1997 as plunging crude prices and a political scandal involving Prime Minister Najib Razak clouded the outlook for the Southeast Asian economy.
Analysts are predicting more weakness next year for Asia’s worst-performing currency in 2015 as the Federal Reserve adds to this month’s increase in U.S. interest rates, boosting the dollar, and the slowdown in China saps demand for commodities. Malaysia, the region’s only major regional net oil exporter, gets about 22 percent of government revenue from energy-related sources.