The ringgit is sliding toward its fixed exchange rate of a decade ago and central bank assurances the weakness will prove temporary aren't convincing the market.

Macquarie Bank Ltd is reviewing its year-end forecast of 3.75 per US dollar after the currency sank last week to within 0.7 per cent of a 3.80 peg imposed by former Prime Minister Tun Dr Mahathir Mohamad in 1998, during Asia's financial crisis.

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