Oil price has been falling over the past few months. Given that Malaysia is an exporter of oil, oil revenue will be affected. This issue may stay for awhile due to relatively lower oil demand but higher supply. In short, some oil producers do not want to cut supply as they want to oust out weaker competitors with lower oil prices.
Given that there is a possibility of US interest rate hike in the near future, we see that there are capital outflows from emerging market currencies, hence it is affecting ringgit as well.
1MDB scandal has been changing the political landscape in Malaysia. In addition, the scandal is also shaking confidence of their people and investors.
Just recently, we have noticed that central bank of Malaysia has been trying to prop up ringgit by buying ringgit and selling foreign reserve, as evident by the declining amount of foreign reserve held by the central bank. Due to dwindling foreign reserve held by the central bank of Malaysia, central bank has difficulty supporting ringgit from further depreciation.