Malaysian ringgit weakens sharply in offshore market, but spot static
PUBLISHED ONNovember 11, 2016 3:55 AM
SINGAPORE – Malaysia's ringgit weakened sharply in non-deliverable forwards markets on Friday, dropping 3.5 percent from the previous close while the spot barely moved in thin domestic markets.
The ringgit's one-month non-deliverable forwards (NDFs) plunged to 4.5280 per dollar (S$6.38), while spot ringgit stood at 4.2670 per dollar (S$6.02).
As a result, the dollar/ringgit's NDFs premium over the dollar/ringgit spot widened to 0.2610, the widest since at least April 2008, according to Reuters data.