Ringgit Drop Toward 26-Year Low Spurs BNM to Pledge Support
- BNM set to use tools for orderly functioning of the market
- Currency being driven lower by dollar demand, less dovish Fed
The ringgit is outperforming regional peers such as the South Korean won, Philippine peso and Taiwan dollar so far on Monday.
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Malaysia’s central bank reaffirmed it’s ready to support the ringgit, which is hovering close to the lowest level since 1998.
Bank Negara Malaysia will ensure the “orderly functioning of the foreign exchange market” with support from government-linked firms, corporations and exporters to attract flows and liquidity into the market, according to a statement from the central bank released Monday.