Ringgit declines to its lowest level in five years

The continuous decline of the ringgit against the US dollar among other currencies in Asia is affected by the drop in global crude oil prices and the strengthening of the US dollar.

As at 12.30pm on Wednesday, the ringgit declined 0.2 percent to 3.5647 after a recorded fall of 0.8 per cent to 3.5862, making it the lowest fall in five years.

Meanwhile, as at 5pm on Tuesday, the ringgit traded at 3.5555 against the US dollar from 3.5320 which was recorded on Monday.

“Among commodity exports in Asia, Malaysia is seen as the most affected with the continuous fall,” said traders.

They added that the ringgit will continue to be pressured as many traders are concerned over its effect to the country’s economy.

The Ringgit also traded lowest among other major currencies.

Compared to the euro the ringgit fell to 4.2467 from 4.2225 on Monday.

The ringgit fell to 2.6678 from 2.6479 against the Singapore dollar and weakened against the yen to 2.9903 from 2.9343, before this.