KUALA LUMPUR (Sept 14): The ringgit depreciated to its weakest point against the U.S. dollar so far today at 4.1377, after crude oil prices fell as much as 3% in overnight trades. The ringgit tracks crude oil prices, as the commodity forms a crucial portion of the Malaysian economy. In Malaysia, Affin Hwang Investment Bank Bhd chief economist Alan Tan told theedgemarkets.com that apart from crude oil, investors were also predicting the direction of U.S. interest rates. Tan said: “The ringgit is being affected by the oil glut report by IEA, where it is expected to extend till next year, signalling the possibility that crude oil prices will trend lower. “This will further impact the ringgit, which is also seeing the effect of a (potential) interest rate increase by the FOMC," he said.

Source: The Edge Markets September 14, 2016 04:52 UTC