Ringgit's plunge likely linked to oil prices

Asia News Network | .

The Malaysian ringgit tumbled to fresh historic lows yesterday as crude oil prices fell below the psychologically significant threshold of US$50 per barrel.

One Singapore dollar could buy about 2.68 ringgit yesterday, up from 2.67 ringgit the day before, according to data from Bloomberg.

This is the weakest the ringgit has been against the Singdollar since at least 1981 - the Bloomberg figures go back only that far.

Even in the depths of the Asian financial crisis, the weakest the ringgit ever became was 2.45 ringgit to one Singdollar in June 1998.

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