The currency is taking a pounding on foreign exchange markets as the opposition creeps towards an election victory. (File photo)
KUALA LUMPUR: Malaysia’s currency weakened in offshore trading after the opposition claimed victory in Wednesday’s general election.
The ringgit one-month non-deliverable forward fell 1.7% to 4.0461 against the dollar, after the long-serving former premier, Mahathir Mohamed, 92, claimed that the opposition alliance he leads had won enough parliament seats to form the next government.
Results as of 2am (Thailand time) showed that Mahathir’s Pakatan Harapan (Alliance of Hope) had won 102 of parliament’s 222 seats and Prime Minister Najib Razak’s ruling coalition, Barisan Nasional (BN), had won 67.
A simple majority of 112 seats is required by a party or alliance to rule.