Ringgit leads losses among developing-nation currencies after IMF cuts world growth

Losing ground: A foreign exchange outlet employee showing ringgit and US currency notes. The ringgit led losses among developing countries amid rising demand for the greenback. – Bernama

KUALA LUMPUR: The ringgit posted its biggest three-day drop in more than two months after the International Monetary Fund (IMF) cut its world growth forecast, dimming the appeal of emerging-market assets.

The ringgit led losses among developing-nation currencies yesterday amid rising demand for the dollar as traders revisited bets for a Federal Reserve rate increase by December following strong housing and retail-sales data.