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Ringgit heads for biggest drop since Asian financial crisis

KUALA LUMPUR: The ringgit headed for its biggest two-day decline since the 1997-98 Asian financial crisis and led losses in emerging markets on concern a protracted slide in crude will erode the net oil-exporting nation’s revenue.

The currency weakened 1.3 per cent to 3.4250 per dollar as of 10.38am, according to data compiled by Bloomberg.

The ringgit has dropped 2.3 per cent in two days, the sharpest decline since June 1998.

A devaluation in the Thai baht the previous year triggered the Asia crisis and prompted Malaysia’s government to adopt a pegged exchange rate to the greenback that remained in place until 2005. - Bloomberg

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