Central bank says ringgit decline does not reflect improving prospects for economyThe last time the Malaysian ringgit fell below 4.8 to the US dollar was in 1998 during the Asian financial crisis. (Photo: Reuters)The Malaysian ringgit continues to trade near its lowest level since the 1998 Asian financial crisis, prompting the central bank to say it does not reflect the improving outlook for the economy. The currency edged up 0.1% on Wednesdsay morning, after slipping past 4.8 against the US dollar on Tuesday, its weakest level since reaching an all-time low of 4.885 in 1998. Other emerging Asian currencies strengthened marginally, with the Thai baht holding steady around 35.84 to the dollar in offshore trade. The weakness in the ringgit has defied steadiness in oil prices — a Malaysian export — and prospects of a recovery in electronics exports.
