Ringgit weakens to over 20-year low of 2.8538 against Singdollar

[SINGAPORE] The Malaysian ringgit lost further ground against the Singapore dollar on Wednesday, trading at 2.8538 to the Singdollar at about 1:35pm, down from its close at 2.82 on Tuesday.

This is the weakest that the ringgit has been against the Singdollar on record. China's surprise devaluation of the yuan this week has lumped more pressure on the ringgit, Asia's worst-performing currency in the past 12 months.

Brent crude prices that have more than halved from their 2014 peak are hurting Malaysia's revenue as a net oil exporter.