BNM intervenes after ringgit slides: analysts

Kuala Lumpur

ANALYSTS said Bank Negara Malaysia (BNM) played an active role in the currency markets on Friday as the ringgit tumbled by more than 2 per cent, in line with global markets roiled by Britain's decision to leave the European Union.

Notwithstanding the bank's support, the ringgit is projected to slip further next week, given forecasts that the sterling pound could experience bigger selloffs once the extent of Brexit sinks in.

"The central bank has been intervening today and its intervention has caused the ringgit to overperform," said independent interest rate and foreign exchange analyst Suresh Ramanathan. He added that without the intervention, …