Malaysian Ringgit Dragged Down by Oil Prices & Strong Dollar

The Malaysian ringgit dropped against the US dollar today as a drop of crude oil prices should reduce trading revenue of Malaysia — a net oil exporter. Additionally, the greenback was strong on its own right.

While crude oil attempted to reverse its decline, the commodity was unable to keep its upward momentum. Signs of oversupply on the energy market did not allow prices to keep bullish tendencies. The ringgit dropped because of this as well as due to the strength of the dollar that hurt most other currencies.

USD/MYR advanced from 3.4965 to 3.5165 as of 14:43 GMT today.

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