Malaysian ringgit sinks to 10-month low against Singdollar on oil price fears

The ringgit has slumped to a 10-month low against the Singapore dollar, on concerns that a protracted slide in crude oil prices will hit oil-exporter Malaysia. -- PHOTO: BLOOMBERG
The ringgit has slumped to a 10-month low against the Singapore dollar, on concerns that a protracted slide in crude oil prices will hit oil-exporter Malaysia. -- PHOTO: BLOOMBERG

SINGAPORE - The ringgit has slumped to a 10-month low against the Singapore dollar, on concerns that a protracted slide in crude oil prices will hit oil-exporter Malaysia.

One Singdollar could buy 2.63 ringgit as of 4pm on Monday, a 2.3 per cent slide from 2.57 ringgit last week.

The ringgit has also fallen 2.5 per cent against the US dollar in two days, the steepest decline since June 1998.

Analysts said Malaysia is likely to be among the Asian countries hit hardest by the precipitous decline in global oil prices.

Oil-related industries account for a third of Malaysian state revenue.