Ringgit set for biggest monthly decline since 2015 amid US election jitters

The Straits Times10-31

MANILA – Malaysia’s currency is on course for its worst month in more than nine years as investors scale back on risk assets amid concerns over the US election. The ringgit is down more than 6 per ...

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Theringgittraded at 4.39 per dollar on Oct 30.The ringgit has also weakened against the Singapore currency and is down about 3 per centin October, with the Singdollar closing at 3.2993 per ringgit on Oct 30.The renewed strength in the US dollar is battering Asian currencies, almost all of which have come under heavy pressure in October as traders reassess the pace of US Federal Reserve interest rate cuts and avoid risky assets in the run-up to the November US election.But theringgitis partly a victim of its own success: a 14 per cent appreciation against the US dollar in the last quarter, which made it Asia’s best performer, ensured there was room for a correction in October, according to OCBC","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1497733631.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","SG9999004360.SGD":"Nikko AM Shenton Thrift Fund SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SG9999013460.SGD":"LionGlobal Singapore Dividend Equity Fund SGD","IE00B067MR52.USD":"FSSA ASIAN EQUITY PLUS \"I\" (USD) ACC","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","SG9999008742.SGD":"Eastspring Investments Unit Trusts - Singapore ASEAN Equity SGD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","SG9999013478.USD":"利安新加坡股息基金","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","IE0008368411.USD":"FSSA ASIAN GROWTH \"I\" (USD) ACC","SG9999002604.SGD":"LionGlobal Singapore/Malaysia SGD","IE00B97KM107.HKD":"FSSA ASIAN EQUITY PLUS \"I\" (HKD) ACC","SG9999005177.SGD":"Legg Mason Martin Currie - Southeast Asia Trust A Acc SGD","IE00B031HW06.USD":"FSSA ASIAN GROWTH \"I\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","SG9999001135.SGD":"United ASEAN Fund SGD","SG9999014302.SGD":"RHB Singapore Income Fund SGD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU1634259391.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD","LU0048573645.USD":"富达东盟基金","SG9999013486.USD":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (USD) INC A","LU0251143029.SGD":"Fidelity ASEAN A-SGD","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","BK6112":"综合性银行","LU0210637038.USD":"HSBC GIF THAI EQUITY \"AD\" INC","LU0955623706.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) ACC","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","SGXZ24219693.SGD":"UNITED SG DYNAMIC INCOME FUND \"A\" (SGD) INC","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","LU0955648018.USD":"SCHRODER ISF ASIAN DIVIDEND MAX \"A\" (USD) INC MF","IE00B0169L03.USD":"FSSA ASIA FOCUS FUND \"I\" (USD) ACC","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","LU0181495838.USD":"施罗德新兴亚洲A Acc","IE0031814969.USD":"FSSA ASEAN ALL CAP FUND \"I\" (USD) ACC","SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","SGXZ27511609.SGD":"NIKKO AM SINGAPORE DIVIDEND EQUITY \"SGD\" (SGD) ACC","SG9999003826.SGD":"日兴资管新加坡股息基金 SGD","LU1130305938.SGD":"Schroder ISF Asian Dividend Maximiser A Dis SGD-H","BK6516":"银行与投资服务概念","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","BK6523":"ESG概念","SG9999002406.SGD":"利安新加坡信托基金"},"translate_title":"由于美国大选紧张局势，林吉特将创下2015年以来最大月度跌幅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"MANILA – Malaysia’s currency is on course for its worst month in more than nine years as investors scale back on risk assets amid concerns over the US election.\nThe ringgit is down more than 6 per cent against the US dollar in October, putting it on pace for its biggest monthly loss since August 2015. The ringgit traded at 4.39 per dollar on Oct 30.\nThe ringgit has also weakened against the Singapore currency and is down about 3 per cent in October, with the Singdollar closing at 3.2993 per ringgit on Oct 30.\n\n\n\nThe renewed strength in the US dollar is battering Asian currencies, almost all of which have come under heavy pressure in October as traders reassess the pace of US Federal Reserve interest rate cuts and avoid risky assets in the run-up to the November US election.\nBut the ringgit is partly a victim of its own success: a 14 per cent appreciation against the US dollar in the last quarter, which made it Asia’s best performer, ensured there was room for a correction in October, according to OCBC Bank.\n“The previous gain was significant; therefore there’s more room for corrective play,” said Mr Christopher Wong, a currency strategist at OCBC. “The ringgit’s sensitivity to the yuan and the yen is also one of the highest in the region, which helps explain why it is suffering more than the rest.”\n\n\n\nThe Japanese yen is the only currency across Asia that has performed worse than the ringgit in October, losing around 6.3 per cent of its value against the US dollar. China’s offshore yuan has depreciated around 2 per cent.\n\nThe fate of the ringgit in the near term rests partly on the results of the US elections. Analysts at OCBC and MUFG Bank predict the currency will strengthen if Democratic presidential candidate Kamala Harris takes the White House, since it will reduce the risks of tariffs that could hurt economies across Asia.\nMUFG forecasts that the currency will climb to 4.12 per US dollar by the year-end, while OCBC sees it gaining to 4.22. BLOOMBERG\n\n\n\n\n\nMore On This Topic\n\n \n\nHedge funds turning to Singapore dollar to make US election bets\n\n\n\n \n\nMalaysians capitalising on stronger ringgit to buy gadgets","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479051077"}