KUALA LUMPUR – A sharp downturn in the fortunes of the ringgit, which hit a near-record low against the US dollar and reached an all-time low against the Singapore dollar in October, has sent jitters through Malaysian households and businesses alike.
The ringgit has been hovering at 25-year lows in recent weeks, hitting almost 4.8 to the US dollar last month, the lowest since the 1998 Asian financial crisis when it hit a historic low of 4.885 to the greenback.
The Singapore dollar surged to 3.5086 against the ringgit on Oct 24. It first breached the 3.5 mark on Oct 23, according to Bloomberg data.
The latest slump has sparked concern among Malaysians, many of whom curtailed overseas travel plans and now have to spend more when buying imported goods.
The ringgit has since recovered to 4.72 per US dollar.
Housewife Melissa Lim, 45, from Kuala Lumpur said her family had…
