A foreign tourist inquires about exchange rates on the Malaysian ringgit at a foreign currency money-changer in Kuala Lumpur. The currency on Tuesday hovered near its lowest level since the height of the 1998 Asian Financial Crisis. Photo: AFP Photo

Malaysia’s ringgit rout raises spectres of 1998 Asian Financial Crisis

Currency hits levels last seen in 1998 as uncertainty over Trump, interest rates and 1MDB scandal create perfect storm – but government denies capital controls could be on the cards

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A foreign tourist inquires about exchange rates on the Malaysian ringgit at a foreign currency money-changer in Kuala Lumpur. The currency on Tuesday hovered near its lowest level since the height of the 1998 Asian Financial Crisis. Photo: AFP Photo
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Bhavan Jaipragas

Bhavan Jaipragas

Bhavan is Asia Correspondent for the SCMP, covering breaking news, politics, diplomacy, trade and Southeast Asian macroeconomic trends. His work for the Post's Asia desk also focuses on the region's multifaceted interactions with the United States and China. A Singapore native, Bhavan previously worked for Agence France-Presse.