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REFILE-EM ASIA FX-Ringgit at 16-year low on political woes, Greece dampens outlook
July 6, 2015 / 2:14 AM / 2 years ago

REFILE-EM ASIA FX-Ringgit at 16-year low on political woes, Greece dampens outlook

(Refiles to remove extra word from headline)
    SINGAPORE, July 6 (Reuters) - The Malaysian ringgit hit a
16-year low on Monday after reports linked the country's prime
minister to probes into alleged corruption, while most emerging
Asian currencies slid as Greeks rejected austerity measures for
bailout money.
    The ringgit fell as much as 0.8 percent to 3.8070 per
dollar, its weakest since May 1999.
    Two of Malaysia's main opposition parties on Sunday demanded
an emergency sitting of parliament to discuss Prime Minister
Najib Razak's future after a media report linked him to
investigations involving state fund 1MDB. 
    A Wall Street Journal report published on Friday said
investigators had traced nearly $700 million to bank accounts
they believed belonged to the prime minister.
    Najib has denied taking any money from the debt-laden state
fund or any other entity for personal gain.
    "The report supports our conjecture that an increase in
political risk has undermined confidence that sovereign support
would be forthcoming if needed for 1MDB," said Tim Condon, head
of research Asia for ING in a client note.
    Most other emerging Asian currencies fell as Greeks voted
against conditions of a rescue package from creditors on Sunday,
increasing doubts over the future of the country's euro zone
membership and denting risk appetite. 
    The South Korean won slid to 1,128.0 per dollar,
its weakest since March 18.

    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0140 GMT
  Currency    Latest bid   Previous day    Pct Move
  Japan yen       122.59         122.78       +0.15
  Sing dlr        1.3498         1.3460       -0.28
  Taiwan dlr      30.935         31.120       +0.60
  Korean won     1124.20        1123.00       -0.11
  Baht             33.81          33.79       -0.06
  Peso             45.11          45.02       -0.20
  Rupiah        13352.00       13318.00       -0.25
  Rupee            63.44          63.44       +0.00
  Ringgit         3.8030         3.7775       -0.67
  Yuan            6.2057         6.2057       +0.00
 
  Change so far in 2015
  Currency    Latest bid  End prev year    Pct Move
  Japan yen       122.59         119.66       -2.39
  Sing dlr        1.3498         1.3260       -1.76
  Taiwan dlr      30.935         31.718       +2.53
  Korean won     1124.20        1099.30       -2.21
  Baht             33.81          32.90       -2.69
  Peso             45.11          44.72       -0.86
  Rupiah        13352.00       12380.00       -7.28
  Rupee            63.44          63.03       -0.65
  Ringgit         3.8030         3.4965       -8.06
  Yuan            6.2057         6.2040       -0.03
 
 (Reporting by Jongwoo Cheon in SINGAPORE; Editing by Jacqueline
Wong)

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