The Malaysian ringgit touched the lowest level in four months today but has managed to recover by now.
Last week, former Prime Mister Mahathir Mohamad surprised many analysts by winning the seat again, but this time as a member of the opposition coalition. Market participants were concerned that the first shift in power since the country got independence means significant uncertainty. That hurt the currency, but it looks like the market thought that it was undervalued, helping the ringgit to rebound.
USD/MYR was little changed at 3.9505 as of 15:25 GMT today after touching the four-month high of 3.9850 earlier.
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