KUALA LUMPUR (Sept 14): Malaysia’s ringgit headed for its biggest three-day decline since May, as a faltering recovery in crude prices dimmed the outlook for the oil-exporting nation’s finances. The ringgit retreated 0.6% to 4.1335 per dollar as of 8:56 a.m. in Kuala Lumpur, prices from local banks compiled by Bloomberg show. “A combination of weaker oil, risk-off sentiment in markets and recent weaker-than-expected economic data out of Malaysia all combined to push the ringgit weaker again today,” said Khoon Goh, the head of regional research at Australia & New Zealand Banking Group Ltd in Singapore. Malaysia derived some 22% of revenue from oil-related sources in 2015 and the government’s budget to be tabled in parliament on Oct 21 may provide a glimpse of the impact of lower oil on government finances next year. The MSCI Emerging Markets Currency Index was set to decline for a fourth day, its longest losing streak since a similar period ended June 14.

Source: The Edge Markets September 14, 2016 03:33 UTC