Malaysian Policy Makers Fail to Prevent Ringgit Sell-Off

The Malaysian ringgit slipped against the US dollar today as efforts of Malaysian policy makers to limit currency speculation failed to prevent a downfall of the ringgit.

The Bank Negara Malaysia sent letters to offshore bank, demanding that they and their clients stopped trading the ringgit on the non-deliverable forward markets. Yet according to the Bank, only a half-dozen offshore firms agreed to sign the letters. The ringgit was the worst-performing Asian currency, falling almost 7% over the past two trading weeks.

USD/MYR edged up 0.12% to 4.4637 as of 11:27 GMT today.

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