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Ringgit headed for biggest weekly drop due to oil, 1MDB controversy

The Malaysian ringgit is headed for its biggest weekly drop in 10 months due to lower crude oil prices and the controversial reports involving state-owned fund 1MDB, reports Bloomberg.

Brent crude suffered a 2.8 percent decline in five days and this has affected the outlook for oil-exporting country's revenues.

Furthermore authorities in Singapore and the United States have started moving into forfeiting assets linked to alleged fraud involving 1MDB and this is affecting the currency.

The report stated that this latest episode plaguing 1MDB could contribute to the ringgit's biggest annual drop since 1997, last year.

Read more: https://www.malaysiakini.com/news/349486#ixzz4FAhYZaT8

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