The renewed strength in the US dollar is battering Asian currencies, almost all of which have come under heavy pressure in October as traders reassess the pace of Federal Reserve interest-rate cuts and avoid risky assets in the run-up to the US election.
Malaysia’s currency is on course for its worst month in more than nine years, as investors scale back on risk assets amid concerns over the US election.
The ringgit is down more than 6% against the US dollar in October, putting it on pace for its biggest monthly loss since August 2015. The ringgit traded at 4.39 per US dollar on Wednesday.
