Malaysia's currency has tumbled in the wake of the market's "Trump tantrum," and analysts disagree on whether that's just the beginning or near the end.
The ringgit has taken it on the chin since Donald Trump's surprise win in the U.S. presidential election on Nov. 8.
By Thursday, dollar had climbed as much as 6.5 percent against the Malaysian currency for the month so far, with the greenback fetching as much as 4.4630 ringgit, its highest since September 2015, and is flirting with levels last seen during the Asian Financial Crisis in 1997. On Friday, the dollar was fetching 4.460 ringgit at 10:06 a.m. HK/SIN.
At least one analyst thought the drop was overdone.
"We are looking at a cheap currency," Tan Min Lan, head of the Asia Pacific investment office for UBS wealth management, said on Thursday. "The current account position is very comfortable. The fiscal balance is very well managed. The monetary policy, as well, [central bank] Bank Negara continues to have a very good standing with international investors."
Tan said she was concerned about the high foreign ownership of Malaysia's domestic bonds – at nearly 40 percent on some measurements - but she noted that the country was still rated single-A by the three major credit rating agencies Fitch, S&P and Moody's.
"For emerging market investors, what they will compare Malaysia with is with your Turkey, and with South Africa and Brazil and Russia. Malaysia actually stacks up very well, if you look at all of the matrix," the investor said.
While Malaysia's currency may have been particularly hard-hit, it's far from alone in selling off post-U.S. election.