The national currency rose sharply in trading today, bouncing back more than 5% against the US Dollar in the biggest gains the Ringgit has experienced in five weeks.
The RM, which has been Asia’s worst-performing currency for months, edged up to 4.16 against the greenback, on stop-loss USD sales and higher local stocks.
Stocks on the Bursa Malaysia also surged on the back of the Ringgit’s rise, with the FBM KLCI rising in value by 1.6%.
Both the Ringgit and local shares were also buoyed by reports that Malaysia’s August exports were stronger than initially projected.
The partial revcovery of global crude oil prices also contributed to a rosier outlook at home, Reuters reports.
