Ringgit, rupiah hit 17-year lows
THE Malaysian ringgit and Indonesian rupiah slid to 17-year lows yesterday, as persistent worries about the health of the Chinese and global economies dented emerging Asian currencies.
The ringgit fell for a sixth day and was down 1 per cent at 4.4725 to the United States dollar. It earlier dropped to 4.4845, the weakest level since January 1998. The Indonesian rupiah slipped to 14,730 at one point, its lowest level since July 1998.
Against the Singapore dollar, the ringgit breached the 3.12 level for the first time, trading at 3.1239, down 0.8 per cent from the day before. It reached a morning low of 3.1260 at 11.44am.
The Singdollar also touched a six-year low of $1.4335 per US dollar.
REUTERS, THE STRAITS TIMES