Ringgit tumbles against Singdollar

An employee at a Change Alley money changer counts a wad of Malaysian Ringgit banknotes.
An employee at a Change Alley money changer counts a wad of Malaysian Ringgit banknotes.ST PHOTO: MARK CHEONG

SINGAPORE - The ringgit fell to the lowest since September 2015 against the Singapore dollar on Thursday morning (Nov 17).

It touched 3.0961 to the Singdollar at 10:15am, down 0.9 per cent from its close on Wednesday of 3.0682.

The Malaysian currency is headed for its longest stretch of losses in more than a year, despite moves by Bank Negara to limit speculative activities in the currency market.

"I'm just seeing this as overall (US) dollar strength," Wu Mingze, a foreign-exchange trader in Singapore at INTL FCStone Inc told Bloomberg. "Unfortunately speculators will treat Bank Negara's statements as a sign of weakness if they do not actually do something."

Against the US dollar, the ringgit was trading at 4.3695 at 10:17am, up 0.5 per cent from its Wednesday's close of 4.3913. Trading was volatile with the ringgit hitting a low of 4.4105 earlier.