Ringgit at new low, foreign funds exit emerging markets

The ringgit hit its lowest of 4.4250 against the US dollar at 4:30 pm yesterday, putting the currency closer to its 17-year ebb of 4.7125 recorded on Jan 9, 1998, just before Bank Negara pegged the ringgit to the US dollar at 3.8000 in September in the same year. The benchmark FTSE Bursa Malaysia KL Composite Index (FBM KLCI) followed the ringgit

KUALA LUMPUR: The ringgit hit a fresh intra-day low of 4.4250 against the greenback as foreign funds continued to exit emerging markets amid expectations that the US Federal Reserve (Fed) would likely raise interest rates by year-end.

The ringgit hit its lowest of 4.4250 against the US dollar at 4:30 pm yesterday, putting the currency closer to its 17-year ebb of 4.7125 recorded on Jan 9, 1998, just before Bank Negara pegged the ringgit to the US dollar at 3.8000 in September in the same year.