SINGAPORE: The situation does not look good for the Malaysian ringgit at the moment, as it has fallen to its lowest level in the 25 years since the Asian financial crisis of 1997-1998. The rising US dollar has caused the ringgit to drop 0.3 per cent to 4.7635 per US$, its lowest rate since 1998.
September’s export data, released on Thursday by the government, showed that exports fell by 13.7 per cent, although the decline was slower than the 16.5 per cent expected by 17 economists to whom Reuters spoke.Bloomberg pointed out that the ringgit’s most recent fall has come at the same time that the dollar has gained on haven demand amidst concerns over the war between Israel and Hamas.
The ringgit’s downward trajectory this year has been a boon for many Singaporeans, who have crossed the border to Johor Bahru for food trips and retail therapy.