Ringgit at five-month low on anxieties over upcoming general election
Published on Jan 31, 2013 4:37 PM
KUALA LUMPUR (REUTERS) - The Malaysian ringgit fell to a near five-month low, heading for its worst month in eight months as anxieties rose over an upcoming general election.
The ringgit hit 3.1140 per US dollar, its weakest since Sept 7 last year. It weakened past chart support at 3.0922, a 200-day moving average.
"The ringgit will be affected by election talk next month too," said a Malaysian bank dealer, adding the ringgit could see 3.1300. The polls must be called by end-April.
Datuk Seri Najib must dissolve Parliament by April 28 and is aiming to restore a two-thirds majority ceded in 2008. His approval rating dropped to the lowest level in 16 months in December, according to the Merdeka Centre for Opinion Research.