KUALA LUMPUR (Sept 13): Malaysia’s ringgit fell to the lowest in more than two months, as a decline in oil prices and a controversy involving a troubled state fund damped demand for the nation’s assets. Brent crude dropped 0.7%, erasing a gain Monday and adding to the pressure on the ringgit. Malaysia said it’s confident of winning in an arbitration hearing where state investment company 1Malaysia Development Bhd is facing a claim for US$6.5 billion from Abu Dhabi’s sovereign wealth fund. “The ringgit is getting no joy from the oil markets right now,” said Stephen Innes, a senior trader at Oanda Asia Pacific Pte in Singapore. 1MDB and International Petroleum Investment Co. PJSC are locked in a tussle that spilled over to repayments on bonds issued by the Malaysian company.

Source: The Edge Markets September 13, 2016 04:58 UTC