Serious Ringgit collapses amid capital control fears, S$1 = RM4.00 akan datang

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SINGAPORE — The Singapore dollar closed in on a 52-week high against the ringgit on Thursday (Nov 17), rising 1 per cent to 3.1057 ringgit, as the Malaysian currency extended losses amid increasing fears of capital controls.

Against the greenback, the spot ringgit lost 0.9 per cent to 4.3850 per dollar, its weakest since Jan 20.

That came after the Malaysian central bank demanded foreign banks make a written commitment to stop trading offshore non-deliverable forwards (NDFs) in its latest move to protect a weakening currency, said banking sources.

“Investors grew more concerned over BNM tightening trading rules. We cannot rule out the possibility of capital controls, although we don’t need to worry about that for now,” said Mr Qi Gao, an FX strategist with Scotiabank in Singapore, referring to Bank Negara Malaysia. “Continued dollar strength triggered capital exodus too.”

http://www.todayonline.com/business/...-control-fears


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