Ringgit up as sentiment in M’sia improves

Better value: The ringgit rose 1.3 to 4.2380 a US dollar as of 2.26pm in Kuala Lumpur after sentiment improved. – Reuters

KUALA LUMPUR: Sentiment towards the ringgit is finally turning around. The currency rose more than any other in emerging markets as Prime Minister Datuk Seri Najib Tun Razak was cleared in a corruption probe and oil traded 16% off its lowest in more than a decade.

The currency strengthened for a fourth day in the longest stretch of gains since September as Brent crude pared losses. The ringgit extended an advance beyond its 100-day moving average, a bullish signal for a currency that’s appreciated this month while most Asian counterparts weakened. With Najib now able to give his full attention to an economy hit by a slump in commodities, focus will be on today’s budget revisions for a clearer picture on the outlook.