• Ringgit hits new low, goes below 3.05 against Singapore dollar (1 Ringgit = 0.24 USD)
    4 replies, posted
[QUOTE]SINGAPORE - The Malaysian ringgit continued its freefall after foreign exchange markets opened on Wednesday (Aug 26), sinking to new lows below 3.05 to the Singapore dollar.At 8.25 am, the ringgit was trading at 3.0549 to the Singdollar, significantly lower than its close of 3.0154 on Tuesday. The currency pared some of its losses to trade at 3.0470 at 8.37 am. The ringgit crossed the psychologically key level of 3.00 against the Singdollar on Monday, a day when investors fled global stock, emerging currency and commodity markets, on deepening fears over China's slowing economy. The currency also slumped to below a 17-year low against the US dollar on Wednesday. It was trading at 4.2875 against the greenback at 8.46 am, after falling to as low as 4.2995, the lowest since July 1998. It has weakened more than 18 per cent in 2015. The ringgit has been battered by a slowing economy and a political scandal involving the transfer of funds to Malaysian Prime Minister Najib Razak. The 58 per cent drop in Brent crude in a year is hurting revenue for oil-exporting Malaysia amid an emerging-market sell-off spurred by the yuan's devaluation this month (August).[/QUOTE] [url]http://www.straitstimes.com/business/economy/ringgit-hits-new-low-goes-below-305-against-singapore-dollar[/url] Well, Najib fucked up.
So much ringgit hoarding at the moment. And yeah, Najib fucked up again.
Shit gets worse and worse,I'm going to be fucking pissed if this affects my chances on getting a scholarship to study abroad
[QUOTE=Matrix374;48544971]Shit gets worse and worse,I'm going to be fucking pissed if this affects my chances on getting a scholarship to study abroad[/QUOTE] You would love to know that our favorite overseas education officers are still being overpaid 15,000gbp a month to live abroad and "take care" of students. Scholarships are still being granted as usual, but if you fuck up and need extra money, even for important reasons (visa extension etc), good luck trying to get it. In other note I heard our neighbor's rupiah is also at an all time low since the Asian Financial Crisis. Everyone else in asia seems to be dropping hard too ,I won't be surprised if we head into another AFC in the next few months/years.
Entire Asia Pacific is falling against the USD. The AUD is at 0.71 with a chance of falling into the sixties sooner rather than later. Compare this to 2008 where it was at about 1.50. This isn't necessarily a bad thing though.
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