Ringgit's downward trend to continue for 3 to 6 months: analysts 

Malaysia's ringgit, which is at the lowest level in 22 months against the US dollar, is expected to continue to trend lower for the next 3 to 6 months due to both internal and external factors, said analysts and economists.

The ringgit is currently at 4.32 against the greenback and at 3.15 to the Singapore dollar - its weakest levels in 5 years. The weaker ringgit has sent many Singaporeans flocking to money changers in recent days as they seek to take advantage of the more favourable exchange rates before making the trip up north. There were reports of one customer changing as much as RM100,000 in a single transaction.

Observers told The Business Times that there are a few reasons for the ringgit's recent depreciation, one being the strengthening of the US dollar as the Federal Reserve had turned more aggressive in its interest rate hiking cycle.