Malaysian Ringgit’s Drop Toward Lowest Since 1998 Resumes: Chart

Even after Malaysia’s central bank intervened last week in currency markets, the ringgit keeps on sliding down. It dropped as much as 0.5 percent on Tuesday to 4.4420 per dollar, closing in on the 4.48 it reached in September of last year that was the lowest since the Asian financial crisis that sent it spiraling down in 1998 and prompted the imposition of capital controls. The currency is tumbling as the reaction to Donald Trump’s election as U.S. president spurred a pullback from emerging markets -- investors dumped 1.1 billion ringgit ($248 million) of Malaysian stocks last week, the most since June.

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