The deepening sell-off in the global bond market has resulted in the depreciation of the ringgit, along with other Asian currencies, as investors reassess their positions in emerging markets.
The ringgit fell 0.36% to 3.6983 against the US dollar at 5pm yesterday, ending up as the fourth-worst performer of the day in the region. The South Korean won led regional losses after falling 0.82%. This was followed by the Taiwanese dollar (-0.50%) and Indonesian rupiah (-0.38%).
“The fall of the ringgit is in tandem with a regional trend. I don’t think the current decline of the ringgit is driven by domestic issues, such as the political undercurrent and controversies surrounding 1Malaysia Development Bhd (1MDB), as these have already been largely priced in,” Saktiandi Supaat, head of foreign exchange (forex) research at Malayan Banking Bhd in Singapore, told StarBiz over the telephone.
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The ringgit fell 0.36% to 3.6983 against the US dollar at 5pm yesterday, ending up as the fourth-worst performer of the day in the region. The South Korean won led regional losses after falling 0.82%. This was followed by the Taiwanese dollar (-0.50%) and Indonesian rupiah (-0.38%).
“The fall of the ringgit is in tandem with a regional trend. I don’t think the current decline of the ringgit is driven by domestic issues, such as the political undercurrent and controversies surrounding 1Malaysia Development Bhd (1MDB), as these have already been largely priced in,” Saktiandi Supaat, head of foreign exchange (forex) research at Malayan Banking Bhd in Singapore, told StarBiz over the telephone.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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