Ringgit slips to 1998 low against US$

Kuala Lumpur

AS THE ringgit slipped to 4.48 to the US dollar - a level last seen during the Asian financial crisis of 1998 - a breach of 4.50 was considered a formality, with some analysts projecting the besieged currency would hit 4.80 by mid-2017, owing to weakening economic fundamentals.

Given the US dollar index only started to strengthen in October, more pain is expected to befall emerging market currencies especially those hosting significant foreign funds.