The ringgit eased 0.1 percent to 3.8140 per dollar, its weakest since September 1998, as weak commodity prices added to concerns over Malaysia’s sluggish exports. The Malaysian currency was pegged at 3.8000 between 1998 and 2005. <\/p>\n
The central bank was spotted in the market trying to limit further losses in the worst-performing Asian currency so far this year, traders said. <\/p>\n
Malaysia’s international reserves fell to $100.5 billion as of July 15 from $105.5 billion as of June 30, central bank data showed on July 23. <\/p>\n
“If reserves fall toward USD90 billion, the market may start questioning BNM’s ability to cap spot and concerns over reserve adequacy could start to surface,” Societe Generale said in a research note, referring to Bank Negara Malaysia, the central bank. <\/p>\n
“If EM FX remains under pressure, BNM might be forced to let the MYR depreciate well beyond the 3.80 level.”<\/p>\n
BAHT The baht rose as traders covered short positions after the currency held from falling past psychological support at 35.00 per dollar. <\/p>\n
On Friday, the Thai currency hit 34.95, its weakest since May 2009. Exporters earlier on Monday bought it for month-end settlements on dips, but corporate demand was not that strong, traders said. <\/p>\n
The baht pared some of its earlier gains as customs-cleared data showed exports in June fell 7.87 percent from a year earlier, missing a 5.00 percent drop forecast in a Reuters poll. <\/p>\n","protected":false},"excerpt":{"rendered":"
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