Malaysian market feels the heat as ringgit falls to new 17-year low

Analysts said weak external demand and a slowdown in domestic consumption was putting the brakes on economic growth. Citi Research, a unit of Citigroup Global Markets Inc, yesterday projected Malaysia

PETALING JAYA: The ringgit’s exchange rate dropped to 3.91 against the US dollar, which is a new 17-year low, as the sell-off in the stock market intensified amid weakening growth prospects continuing to weigh down on investor sentiment.

A drop in the price of Brent crude oil, the benchmark for Malaysian petroleum products, back to below US$50 a barrel and falling prices of crude palm oil (CPO) to near RM2,000 a tonne added to the uncertainties.