Ringgit Plunges to Lowest Level Since 1998 Crisis

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20/12/2016 18:04 WIB

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The Movement of the Ringgit and Rupiah, 1998-2016

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The Movement of the Ringgit and Rupiah, 1998-2016

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The Malaysian ringgit (MYR) traded at 4.2894 per US dollar on December 20, 2016. This represents a 4.29 percent depreciation from its end-2015 position of 4.2943 per US dollar. The Malaysian currency also declined by 8.4 percent compared to its end-June 1998 position (pre-crisis) of 4.31 per US dollar.

Malaysia's slowing economy, a consequence of the global fall in crude oil prices followed by other commodities, and a heated political climate, pushed the MYR to its lowest level since before the 1998 Asian financial crisis. Crude oil prices falling below US$30 per barrel and palm oil prices at US$700 per ton hit the Malaysian economy, resulting in growth below 5 percent since the second quarter of 2015.

Meanwhile, the Indonesian rupiah (IDR) traded at Rp 13,438 per US dollar, appreciating by 2.54 percent compared to its end-2015 position of Rp 13,788 per US dollar. Compared to its end-June 1998 position, the IDR also strengthened by 10.1 percent. Indonesia's economy continued to grow at around 5 percent, and inflation remained relatively controlled until the end of 2016.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."