Malaysia’s ringgit headed for the biggest drop since 1998, extending an eighth week of declines as falling oil prices and political turmoil spur capital outflows, Bloomberg reported. The ringgit dropped 2.1% to 4.09 per dollar in Kuala Lumpur, extending this week’s retreat to 4.2%. Oil dropped 0.4% in New York, heading for the lowest close since 2009. Foreign funds have dumped about $3 billion of the nation’s shares this year as Prime Minister Najib Razak grapples with allegations of financial irregularities at a state investment company. Gross domestic product rose 4.9% in the three months through June from a year earlier, after climbing 5.6% in the previous quarter, the central bank said.
