Malaysia ringgit hits 16-year low on PM graft allegations

[SINGAPORE] Malaysia's ringgit hit a 16-year low on Monday as political tensions mounted over a report that linked Prime Minister Najib Razak to probes into alleged corruption involving state fund 1MDB.

The ringgit fell as much as 0.8 per cent to 3.8070 per dollar, its weakest since May 1999.

Two of Malaysia's main opposition parties on Sunday demanded an emergency sitting of parliament to discuss Mr Najib's future.

A Wall Street Journal (WSJ) report published on Friday said investigators had traced nearly US$700 million to bank accounts they believed belonged to the prime minister.

Mr Najib has denied taking any money from the debt-laden state fund or any other entity for personal gain.

REUTERS