The Malaysian ringgit fell against the US dollar today after the surprise outcome of the country’s general election.
In the surprise outcome, Mahathir Mohamad won the Prime Minister seat from the incumbent Prime Minister Najib Razak as the opposition Pakatan Harapan coalition came as a victor in the election. It was historic event for the country, being the first time for the ruling Barisan Nasional alliance to lose power. Markets reacted negatively to the news as the change of power means uncertainty, making investors more cautious in buying country’s assets.
USD/MYR rose 0.13% to 3.9497 as of 12:02 GMT today.
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