Ringgit hits 1-year low after cabinet resignation; may face pressure in coming months

THE Malaysian ringgit (MYR) weakened to a one-year low against the US dollar on Monday following the resignation of the country's cabinet.

Analysts believe the currency may continue to face pressure in the coming months, with factors such as lower oil prices and the economic impact of Covid-19 also expected to weigh on the outlook.

The ringgit traded at around 4.241 against the US dollar on Monday afternoon, the weakest since July 2020. Against the Singapore dollar (SGD), MYR traded around 3.129, close to its weakest levels in four years.