Posted 10/29/2023, 3:30:22 AM
Malaysian Ringgit Plunges to 25-Year Low Against US Dollar, Sparking Inflation Fears
- Malaysian ringgit has fallen to 25-year low against US dollar, sparking concerns it may plunge further
- Weak ringgit raising prices of imports like onions, putting pressure on cost of living for Malaysians
- External factors like high US interest rates, China slowdown, wars in Ukraine & Middle East weighing on ringgit
- Cheaper ringgit benefits exports but sluggish global demand limiting gains; also risks imported inflation
- Malaysian government has limited options to intervene in forex market; focused on fiscal discipline to bolster confidence