Real Estate Investment Malaysia | The ringgit fell 1.3% last week to 3.5615 a dollar, the biggest loss in Asia, data compiled by Bloomberg show. The currency has weakened 14% since August 2014 and reached a five-year low of 3.5987 based on http://www.exchange-rates.org/history/MYR/USD/T today. Reserves declined 7.7% to US116bil(RM413bil) in December from November, Bank Negara reported late Thursday.
The graph below shows historical exchange rates between the Malaysian Ringgit (MYR) and the US Dollar (USD) between 7/17/2014 and 1/13/2015.
According to Bloomberg and quoted by Starbiz from The Star newspaper today, the ringgit fell to the lowest level in more than five years on concern that a protracted slump in crude prices would erode the oil-exporting nation's revenue. Brent crude sank to levels not seen since 2009 on speculation US crude stockpiles would increase exacerbating a global supply glut.
Malaysia may review its 2015 budget to take into account the impact of falling energy costs, according to a report from the official Bernama news agency.
"Oil prices are again lower and some of that seems to be seeping through to the Malaysian ringgit," said Divya Devesh, a foreign-exchange strategist at Standard Chartered Plc in Singapore. "Until we see a stablization in crude oil prices, it's really looking like difficult times for the ringgit."
The currency has fallen in six of the last eight days and lost 9% in the past three months, the worst performance in emerging Asia. For the latest exchange rates by Bank Negara Malaysia(BNM) refer to Ringgit Foreign Exchange Rates .
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