Home Capital Sector Focus

Ringgit falls to eight-month low on Turkish crisis

Billy Toh
Billy Toh8/20/2018 07:30 AM GMT+08  • 4 min read
Ringgit falls to eight-month low on Turkish crisis
SINGAPORE (Aug  20): The ringgit tumbled on Aug 15 to an eight-month low against the US dollar as the currency crisis in Turkey continued to spook emerging markets (EMs), and the Malaysian currency is expected to remain under pressure, with many economis
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (Aug 20): The ringgit tumbled on Aug 15 to an eight-month low against the US dollar as the currency crisis in Turkey continued to spook emerging markets (EMs), and the Malaysian currency is expected to remain under pressure, with many economists predicting that it will fall further this year.

On Aug 13, The New York Times reported that Turkey’s crisis — caused by soaring inflation, economic mismanagement by the Turkish government and tensions with the US — has raised concerns over whether emerging economies that have benefited in recent years from foreign investment may also be vulnerable.

In just over a week, the lira has lost 6.6% of its value against the US dollar to hit a record low on Aug 13, and in August alone it has fallen 28.6% against the greenback. The decline was also felt by other EM currencies as investors turn to other safe-haven assets such as the US dollar and yen.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.