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Bank Negara Malaysia raised its Overnight Policy Rate by 25 basis points to 3.25%, and the ringgit reached a 21-month high of RM3.87 against the dollar earlier that week. The rally was supported by rising oil prices, strong export data and a weaker US dollar.
Analysts expect further gains toward the RM3.80 to RM3.85 range.
A firmer ringgit lowers the local cost of dollar-priced imports such as feed ingredients and energy. Rising oil prices also support Malaysia's export earnings and palm oil economics.
themalaysianreserve.comFeb 2, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
