It fell 0.31% against the US dollar to end at 4.0078, which was its weakest closing against the greenback since March 29. This was despite global crude oil prices stabilising above US$45 per barrel, which should alleviate concerns over the fiscal position of Malaysia as an oil and gas-driven economy.
PETALING JAYA: The selldown in the ringgit, despite the relative stability in crude oil prices and the broad US dollar weakness, is due to the impact of the depreciating yuan on the Malaysian currency.
Continuing its slide for the fourth consecutive day, the ringgit yesterday weakened past the psychological level of RM4 per US dollar for the first time in more than a month.
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