# Oil prices, strong economy helping ringgit

> 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.

- Date: 2018-02-02 · published 2018-02-02T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/66758-oil-prices-strong-economy-helping-ringgit
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

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.

## Read by commodity

- USDMYR: bearish ▼

## Sources

- themalaysianreserve.com: https://themalaysianreserve.com/2018/02/02/oil-prices-strong-economy-helping-ringgit/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.