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Ringgit in biggest surge since 2015 on inflows, optimism
Against the Singapore currency, the ringgit jumped 1.3 per cent to 3.332 per Singdollar. PHOTO: BLOOMBERG
HONG KONG - The ringgit jumped the most in nine years on bets foreign capital will flood in amid optimism surrounding Malaysia’s economy.
The currency surged as much as 2.3 per cent on Aug 5, on course for its biggest gain since October 2015. It outperformed its Asian peers including the Japanese yen and the Chinese yuan.
At 1.18pm Singapore time, the ringgit was trading up 2.1 per cent at 4.4047 per US dollar. It was up 1.55 per cent at 4.4272 per US dollar at 5.56pm Singapore time.
Against the Singapore currency, the ringgit jumped 0.73 per cent to 3.3524 per Singdollar.
“The ringgit rallied on Monday as it has been under siege,” said currency trader Wu Mingze of StoneX Financial in Singapore. “Signs of a pivot from the Federal Reserve has allowed the pressure on the ringgit to be released.”
After three years of losses, the ringgit is outperforming its Asian peers in 2024 as the government drove policies to boost foreign investments and began rolling back subsidies to narrow the budget deficit. That has helped to lure back interest from global funds, which poured US$112 million (S$148 million) into Malaysian stocks in 2024.
The South-east Asian country’s economic recovery is also gathering pace, with second-quarter gross domestic product beating all estimates, supported by improving exports.
“We believe the economic growth projections of 4 per cent to 5 per cent in 2024 can be achieved and may go to a higher level,” a Bernama report cited Second Finance Minister Amir Hamzah Azizan as saying on Aug 1. He added that the local currency is set to strengthen further. BLOOMBERG
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