Malaysian ringgit at 17-year low

PETALING JAYA: The ringgit fell to 17-year lows yesterday as Chinese stocks slumped amid a drop in global crude oil prices.

The ringgit has fallen more than 8% versus the US dollar year-to-date and closed at 3.82. The ringgit’s decline yesterday mirrored that of regional currencies following the slump in Chinese equities, with the Shanghai Composite Index falling 8.5%. Crude oil retreated further, with the global benchmark Brent trading at US$54.53 at 5pm, down from Friday’s close of US$54.62 per barrel. US benchmark West Texas Intermediate or WTI was trading at US$47.98, down from Friday’s close of US$48.14.