Ringgit plunges to lowest level against Singdollar in at least 33 years

The ringgit has slumped to its weakest level against the Singdollar in at least 33 years, on the back of an ongoing decline in global crude oil prices. -- PHOTO: BLOOMBERG
The ringgit has slumped to its weakest level against the Singdollar in at least 33 years, on the back of an ongoing decline in global crude oil prices. -- PHOTO: BLOOMBERG

SINGAPORE - The ringgit has slumped to its weakest level against the Singdollar in at least 33 years, on the back of an ongoing decline in global crude oil prices.

One Singdollar could buy 2.67 ringgit on Friday, compared with 2.63 ringgit at the beginning of the month.

The currency is now even weaker than it was during the Asian financial crisis - one Singdollar could buy 2.66 ringgit in January 1998.

Analysts say Malaysia is likely to be among the Asian countries hit hardest by the precipitous decline in global oil prices, with the ringgit expected to continue weakening until crude oil prices stabilise.

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