# Ringgit hits 1-year low after cabinet resignation; may face pressure in coming months - The Business Times

> The ringgit weakened to a one-year low against the dollar on August 16 after the cabinet resigned, trading near 4.241, its weakest since July 2020. Against the Singapore dollar it was near four-year lows. Analysts expect continued pressure in coming months from lower oil prices and the Covid-19 economic impact.

- Date: 2021-08-15 · published 2021-08-15T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/45817-ringgit-hits-1-year-low-after-cabinet-resignation-may-face-pressure-in-coming
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker ringgit raises Malaysian import costs for dollar-priced feed ingredients, and lower oil prices weigh on the currency's outlook.

## Read by commodity

- WTI: bearish ▼
- USDMYR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-07-18 | [Canada's inflation falls to 27-month low but underlying pressures persist \| Reuters](https://feedsoft.ai/events/35278-canada-s-inflation-falls-to-27-month-low-but-underlying-pressures-persist.md) | +6.2% | +11.2% |
| WTI | 2021-01-25 | [Mexico peso hits 2-wk low after president tests positive for COVID-19 - Markets - Business Recorder](https://feedsoft.ai/events/49356-mexico-peso-hits-2-wk-low-after-president-tests-positive-for-covid-19-markets.md) | -0.2% | +17.9% |
| WTI | 2017-11-29 | [Canadian dollar hits near 4-week low versus firmer US$ - The Business Times](https://feedsoft.ai/events/68198-canadian-dollar-hits-near-4-week-low-versus-firmer-us-the-business-times.md) | -0.6% | +2.9% |
| WTI | 2018-02-11 | [As oil falters, fuel that drove bull run is cruising in Asia - The Business Times](https://feedsoft.ai/events/11358-as-oil-falters-fuel-that-drove-bull-run-is-cruising-in-asia-the-business-times.md) | +4.4% | +3.6% |
| WTI | 2020-06-30 | [C$ pares monthly gain as data shows record economic contraction - Markets - Business Recorder](https://feedsoft.ai/events/52858-c-pares-monthly-gain-as-data-shows-record-economic-contraction-markets-business.md) | +2.3% | +3.2% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/international/ringgit-hits-1-year-low-after-cabinet-resignation-may-face-pressure-in-coming-months

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.