Troubles far from over for struggling ringgit

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SINGAPORE: The Malaysian ringgit has been among the worst performing Asian currencies so far this year and its challenges are far from over. Political and economic headwinds have buffeted the ringgit while a rebound in crude prices has been one of the few supporting factors for the oil-exporting nation. However, downside risks to oil are growing amid Organization of the Petroleum Exporting Countries’ (Opec) plans to taper output cuts, making the ringgit vulnerable to declines beyond its 4.23-4.25 per dollar support level. “We are hesitant in turning bullish on the ringgit,” said Divya Devesh, head of Asean and South Asia FX research at Standard Chartered Bank Plc in Singapore. He forecasts the ringgit will fall to 4.30 per dollar by the end of this quarter. With oil prices on shaky ground, all eyes will be on Malaysia’s inflation data this week which is forecast to remain in the de…