Malaysian Ringgit Suffers from Lower Oil Prices

The Malaysian ringgit dropped for the third straight session today on concerns that the drop of oil prices will hurt the trade balance of the oil-exporting country.
Some of the major OPEC members reiterated yesterday that they are not going to cut production and some of them are even going to increase output. The statement renewed concerns about decline of crude oil prices. Analysts say that Malaysia, being oil-producing country, may be the worst affected country in Asia. Such view made the ringgit the worst performer among the region’s currencies.
USD/MYR rose from 3.4875 to 3.4964 as of 10:50 GMT today.

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