Ringgit pares losses after touching 3.0303 to the Singapore dollar

The Malaysian ringgit fell further on Tuesday.
The Malaysian ringgit fell further on Tuesday. ST PHOTO: JAMIE KOH

SINGAPORE - The Malaysian ringgit fell further on Tuesday (Aug 25), into uncharted territory against the Singapore dollar.

It slumped to a low of 3.0303 to the Singdollar at 8:12am before recovering to trade at 3.0194 at 8:45am.

At 6:10pm, the ringgit had clawed back more ground and was trading at 3.0157, up from its close on Monday of 3.0166.

Customers flocked to the money changers on Monday to snap up ringgit after the Malaysian currency crossed the psychological threshold of three to the Singdollar.

The Malaysian unit has weakened nearly 20 per cent against the Singdollar from a year ago.

The ringgit led the fall in Asian currencies on Monday on a global selloff that followed China's surprise yuan devaluation two weeks ago.

The Malaysian government and central bank have ruled out capital controls or a ringgit peg, for the currency which has come under pressure from plunging oil prices, an emerging-market selloff and a political crisis involving Malaysian Prime Minister Najib Razak.