00:00 The Ringgit breached the RM3.50 mark against the Singapore Dollar earlier this morning,
00:06 hitting an all-time low against the currency across the causeway.
00:10 At 9am today, the Ringgit traded at 3.5026 against the Singapore Dollar.
00:15 It closed at 3.4887 yesterday evening.
00:20 As of yesterday's close, the Ringgit has dropped 6.55% year-to-date against the Singapore Dollar
00:26 from 3.2742 on January 3rd.
00:30 This is due to Malaysia's weaker exports and its widening interest rate differential with the US.
00:35 However, Bank Negara Malaysia Governor Abdul Rashid Ghaffar said yesterday that the local
00:39 economy was not in a crisis, despite the Ringgit also hitting a new all-time low versus the US Dollar.
00:46 Although the Ringgit has hit levels seen when Malaysia was caught in the Asian financial
00:50 crisis some 25 years ago, he said the country's banking sector remains resilient.
00:57 I want to emphasize strongly that Malaysia's economy today is resilient, notably in terms
01:03 of our economic fundamentals, robustness of our financial sector and debt of our financial markets.
01:12 Natasha Bust, FMT News.
01:13 (upbeat music)
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