Malaysia's central bank intervened yesterday, in an unusual manner according to some bankers, after the ringgit fell sharply against the US dollar in offshore trading, mirroring other sharp falls of emerging-market
currencies including the rupiah, the Indian rupee and the South Korean won.
Bank Negara Malaysia curtailed the selling of ringgit for US dollars by Malaysian banks, restricting them to specific corporate payments and at rates that reflected Thursday's valuations, foreign exchange traders say.
But in offshore trading where the ringgit traded freely, it fell to its lowest level in more than 12 years against the US dollar.
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