Ringgit falls below 3 to Singapore dollar in new record low
PUBLISHED ONAugust 24, 2015 1:38 AM
SINGAPORE - The ringgit sank to a fresh all-time low past 3 to the Singapore dollar when markets opened on Monday (Aug 24).
At about 9am, the embattled Malaysian currency was trading down about 0.9 per cent at 3.0049 to the Singdollar, from Friday's close of 2,9760.
This article was first published on Aug 24, 2015.
Get a copy of The Straits Times or go to straitstimes.com for more stories.
SINGAPORE - The Malaysian ringgit hit a fresh pre-peg 17-year low on Monday as sustained worries about China's economy dented global risk appetite with European and Wall Street stocks suffering their largest one-day drop in nearly four years.
The ringgit lost 0.9 percent to 4.2200 per dollar, its weakest since Aug. 31, 1998.
The ringgit was pegged at at 3.8000 to the dollar in September 1998 and maintained there until 2005.
Malaysia's international reserves fell to US$94.5 billion (S$133 billion) as of Aug 14 from US$96.7 billion as of July 31, central bank data showed on Friday. The drop was smaller than a US$3.8 billion drop in the second half of July.