Malaysian ringgit drops further

Data showed that the greenback had strengthened nearly 6% against the ringgit year-to-date and over 14% from a year ago. (AFP file pic)

PETALING JAYA: The ringgit closed little changed against the US dollar yesterday despite having dropped to a low of 3.724 in intraday trade as investors reacted to the sustained slowdown in the Chinese economy.

The currency closed at 3.706 with a Reuters report noting that offshore funds sold the ringgit in non-deliverable forwards market as five-year government bond prices fell. The yield on the five-year bond closed at 3.657% from Tuesday’s close of 3.558%.