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Malaysian Ringgit Dropped to Its Lows Since 1998

December, 19 2016
watermark Economic news

The Malaysian Ringgit has reached its lowest in the midst of strong dollar and weakened economy since 1998 FInancial crisis in Asia.

The Ringgit was placed in a difficult situation as well as other emerging market assets since Trump won the November 8 U.S. Presidential election. Even before the election, the currency is already under tension relative to low oil prices and worsen by the political scandal regards to the country’s diverted funds.

Fed recent interest rate hike has further increased the rates in 2017 but this will be backed up by recent announcement from OPEC and non-OPEC major oil producing countries.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.