Indo ringgit drop down quickly as fast as UK ran from Europe

Kuala Lumpur _ Malay News

As the severe impact by UK referendum and the drop of crude price, currency rate of Ringgit compared to USD drops down today to be a strong pressure of domestic currency devaluation.

After the Brexit lots of safe-haven assets needs increase and therefore affects Rupiah and Ringgit’s dropping down.

The rate today has dropped down to the lowest point from June 2 but after that it go back soon from 4.1663:1 to 4.1061:1 Ringgit to USD. Apart from Ringgit the Indonesian Rupiah has dropped severely since 19 May to 13,485:1 Rupiah to USD.

What Reaction of Business News about UK Leave EU?

Financial Market Senior Research Management Angus in RHB Bank said that lots of investors tend to safe-haven as the result that new-born market faces insufficient funds.

Meantime the fix-assets strategist from Macquarie Bank in Singapore exchange said that finance market related to global trade especially trade partner of UK would face a more severe impact.

“Malaysia might be the main victim in aspect of export and India is the victim of import.” However, he said, top 5 main trade partners of Asian financial system is not including UK.

Source From : Oriental Daily