Ringgit hits new low to Singdollar

Ringgit hits new low to Singdollar

The ringgit weakened to 3.06 to one Singapore dollar for the first time yesterday morning, hit by slumping oil prices and fears of a hard landing for China's economy.

The Malaysian currency hit 3.0601 to the Singdollar at 8.41am, paring its loss to trade at 3.0413 as at 10.13am. It closed at 3.0328 on Monday.

The ringgit also fell for the fifth day against the United States dollar, the longest run of losses in a month, The Straits Times reported.

Brent crude slumped 4 per cent on Monday, extending a decline that has contributed to a 20 per cent depreciation in the ringgit this year in Asia's worst performance.

Exports to China, Malaysia's biggest overseas market, shrank far more than expected last month, Reuters reported.

Imports fell 13.8 per cent from a year earlier, more than the 8.1 per cent decline in July, reflecting both lower world commodity prices and persistently sluggish demand at home.

The ringgit declined 0.9 per cent to 4.3672 per US dollar as of 9.31am in Kuala Lumpur, according to prices from local banks compiled by Bloomberg.

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