Ringgit hits new record low against Singdollar

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
#11
Ringgit plunges to lowest level against Singdollar in at least 33 years
Published on Dec 12, 2014 5:59 PM


The ringgit has slumped to its weakest level against the Singdollar in at least 33 years, on the back of an ongoing decline in global crude oil prices. -- PHOTO: BLOOMBERG

By Chia Yan Min

SINGAPORE - The ringgit has slumped to its weakest level against the Singdollar in at least 33 years, on the back of an ongoing decline in global crude oil prices.

One Singdollar could buy 2.67 ringgit on Friday, compared with 2.63 ringgit at the beginning of the month.

The currency is now even weaker than it was during the Asian financial crisis - one Singdollar could buy 2.66 ringgit in January 1998.

Analysts say Malaysia is likely to be among the Asian countries hit hardest by the precipitous decline in global oil prices, with the ringgit expected to continue weakening until crude oil prices stabilise.

Oil-related industries account for a third of Malaysian state revenue.
Reply
#12
The plunge of the Ringgit, may benefit those companies shifted their operation to M'sia e.g. Super Group etc.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#13
if their cost is in RM and sold their goods in SGD, then it is super huat....
Reply


Forum Jump:


Users browsing this thread: 2 Guest(s)