KUALA LUMPUR, May 1 – The currency of Malaysia’s ringgit was poised for the biggest monthly gain since 2008 as a rebound in crude prices brightened prospects for Asia’s only major oil exporter. It was strengthened 4.3 percent against the dollar so far in April. It also was an Asia’s best performance.

“The currency was go worst performer of the last two quarters with an 11 per cent slide on April 18 which was undervalued. Brent crude was jumped 19 percent this month which has set for the steepest rise since 2009,” said Central bank Governor Tan Sri Dr Zeti Akhtar Aziz.

A gauge of dollar strength on Wednesday which retreated for a sixth day as the data showed at US gross domestic product rose less than economists estimated. “The oil story is an important factor. People who are long dollar-ringgit are also unwinding their positions following the weaker GDP data in the US,” said Nizam Idris, head of foreign-exchange and fixed-income strategy at Macquarie Bank Ltd. in Singapore.

The ringgit appreciated 0.2 per cent on Thursday to 3.5530 per dollar as of 11:09 a.m. in Kuala Lumpur which according to data compiled by Bloomberg. It rose as high as 3.5388, the strongest since February 6. The greenback versus 10 major currencies on the Bloomberg U.S. Dollar Index which it will be a little changed today. It was declined 3 percent in this April and snapping a run of nine straight monthly increases.

There were less than the 1 percent median estimate in a Bloomberg survey and the 2.2 percent expansion in the preceding three months of the first-quarter GDP in the biggest economy which grew 0.2 percent in the world’s. Malaysian bonds advanced. The Bloomberg index shows that the 10-year bond yields for the month were have a little changed on Thursday at 3.86 percent with felling four basis points or 0.04 percentage point. Government notes to returned 0.5 percent for the fourth monthly gain in this April.

Pocket News

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