month low amid Mideast flare

BURSA SGX Home Currency Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Sept 15): The Malaysian ringgit fell to a one-month low amid renewed conflict in the Middle East and rising odds of a US interest rate hike.

The ringgit has depreciated to 4.0800 against the US dollar amid broad greenback strength against most Asian currencies at a time when the key 10-year US Treasury yield has surged above 5%, pushing up borrowing costs amid persistent inflation concerns and elevated oil prices.

Higher oil prices and subsidy-related fiscal concerns may generate “bouts of ringgit weakness”, said Lloyd Chan, a senior currency analyst at MUFG Bank Ltd.