Malaysian ringgit falls more than 1 pct on selloff in stocks, bonds

Malaysian ringgit falls more than 1 pct on selloff in stocks, bonds
PHOTO: AFP

SINGAPORE - Malaysia's ringgit fell more than 1 percent on Monday to stay near its 1998 pre-peg lows on an extended selloff in local stocks and bonds amid fears of capital outflows.

The ringgit lost 1.4 percent to 4.1370 per dollar in thin liquidity, compared to Friday's low of 4.1500, its weakest since Sept 1. 1998. Malaysia pegged the ringgit at 3.8000 from September 1998 until 2005.

Kuala Lumpur stocks dropped 1.5 percent, while the five-year government bond yield rose as high as 4.036 percent, its highest since November 2008.

Oil prices fell to near six-year lows, heightening concerns over Malaysian exports as the country is a big supplier of liquefied natural gas and palm oil.

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