A weakening ringgit reliably produces domestic explanations: political uncertainty, subsidy policy, commodity exposure. Each is real. None explains the timing.
The correlation
Plot the ringgit against the two-year US Treasury yield and most of the movement resolves. This is not a Malaysian phenomenon — it happened simultaneously to the won, the baht and the yen.
What that implies
If the driver is external, domestic policy responses aimed at the exchange rate are expensive and largely ineffective. The more useful question is which domestic exposures the move actually affects: imported food, dollar-denominated debt, and anyone with tuition payable overseas.