Translate
28 September 2015
The Ringgit which was quoted at 4.4032 against the US dollar at 12.16pm, changed hands at 4.4058 at 12.46pm.
Ringgit weakens to new point at 4.4065 against greenback
Published: 28 September 2015 1:38 PM
The ringgit has breached the 4.4 mark against the US dollar. – The Malaysian Insider filepic, September 28, 2015.
The ringgit weakened against the US dollar after foreign investors retreated from emerging markets following the US Federal Reserve’s indication on a possible interest rate hike by end of this year.
The ringgit, which was quoted at 4.4032 against the US dollar at 12.16pm, changed hands at 4.4058 at 12.46pm. Earlier, the exchange rate touched a fresh level at 4.4065.
At the current level, the ringgit is a step closer to the 4.7125 level on January 9, 1998 before Bank Negara Malaysia pegged the ringgit to the US dollar at 3.8000 in September that year.
The ringgit’s depreciation was against the backdrop of foreign fund outflow from emerging markets last week.
Foreign funds sold ringgit assets amid a combination of factors like falling oil prices and Malaysia’s political uncertainties as state-owned 1Malaysia Development Berhad (1MDB) undergoes investigation.
Reuters quoted Federal Reserve Chair Janet Yellen as saying last Thursday she expected the US central bank to begin raising interest rates later this year as long as inflation remains stable and the US economy is strong enough to boost employment.
Today, MIDF Amanah Investment Bank Bhd wrote in its weekly Fund Flow report: “Malaysia succumbed to the heavy tide against emerging markets last week.”
“Investors classified as ‘foreign’ sold heavily on Bursa last week. Foreigners offloaded RM1.27 billion net in the open market (ie excluding off-market deals) despite it being a holiday-shortened week.
“It was only the fifth week this year that the amount had exceeded RM1 billion. That more than reversed the amount of inflow recorded in the preceding week of RM685 million, implying that any fund making its way to Malaysian equity currently is highly volatile in nature.”
Meanwhile, crude oil prices suffered a setback. Brent crude fell to US$48.16 per barrel while US oil traded lower at US$45.29.
The ringgit’s strength tracks crude oil prices as the commodity forms a crucial portion of the Malaysian economy and government’s income.
1MDB has been in the spotlight. Bank Negara Governor Tan Sri Zeti Akhtar Aziz recently said the ringgit would recover once issues relating to 1MDB were resolved.
1MDB expressed disappointment at Zeti’s comment that 1MDB had been a major factor contributing to the weakening ringgit.
1MDB said the ringgit had weakened along with other currencies amid cheaper crude oil, expectation of higher US interest rates and concerns on slower growth in emerging economies. – The Edge Markets, September 28, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/ringgit-weakens-to-new-point-at-4.4065-against-greenback#sthash.OVVFnSRA.dpuf
Popular Posts - Last 7 days
-
Dua buah helikopter milik Angkatan Tentera Malaysia (ATM) dilaporkan terhempas ketika menjalani raptai di Kem Tentera Laut Diraja Malaysi...
-
TLDM tragedy: Nation mourns worst helicopter crash Bernama 24/04/2024 TLDM tragedy: Nation mourns worst helicopter crash Two helicopters c...
-
PM nafi kerajaan beri lesen kasino di Forest City Bernama 25/04/2024 PM nafi kerajaan beri lesen kasino di Forest City Perdana Menteri ...
-
Former Prime Minister, Tun Abdullah Ahmad Badawi, was admitted to the National Heart Institute (IJN) last night, after reportedly experienci...
-
Police arrested two individuals from a welfare home after a complaint of an elderly man being beatenThe police arrested two individuals including the owner of an elderly welfare home here following a complaint of an elderly man being beaten...
-
Dua helikopter TLDM bertembung semasa Latihan Lintas Hormat Sambutan Hari Ulang Tahun TLDM Ke-90. Pesawat HOM (M503-3) yang membawa tujuh or...
-
KL20 Summit 2024 to attract high-quality investments - PM Bernama 22/04/2024 PM Datuk Seri Anwar Ibrahim said the summit marks a comprehens...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
Seven million Malaysians yet to take booster dose against COVID-19 - PM Bernama Julai 11, 2022 Prime Minister Datuk Seri Ismail Sabri Yaako...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
►
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
▼
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)