The ringgit , touched a low of 4.4785 per U.S. dollar, according to Reuters data - its weakest level since January 1998, during the height of the Asian financial crisis.
SINGAPORE: Malaysia is succeeding in snuffing out currency speculation – now it has to deal with the fallout.
Offshore trading in ringgit non-deliverable forwards (NDFs) has dropped by about 70% since policy makers took steps in November to deter foreign banks from trading the contracts, according to EBS BrokerTec’s electronic-trading platform. Now, officials are looking at easing rules on the short-selling of government debt after the crackdown saw global funds withdraw more than RM35bil out of Malaysian sovereign bonds in the four months through February.
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