Ringgit’s winning streak masks Asia’s currency weakness

THE ringgit, crowned the worst performer in emerging Asia two years ago, is now giving its Asian counterparts a run for their money as its winning streak against the greenback inches towards a four-year record.

Behind the Malaysian currency’s outperformance lies a more muted regional showing: The Philippine peso is charting a fresh nadir against the US dollar; the dong deepens its decline, repeatedly breaching record lows; and the battered rupiah persists down a volatile slide.

The East Asian currencies fared rosier in their year-to-date performance against the US dollar – until the won and yen entered the final quarter on a downtrend that is threatening their slim gains for the year.