On Thursday, Malaysia’s ringgit surged among emerging Asian currencies, boosted by investor optimism over a potential end to the U.S. Federal Reserve’s restrictive policies in September. The ringgit advanced 1% to 4.545 per dollar, its highest in a year.
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Malaysian Ringgit hits year high
Taiwan dollar and South Korean won also gained, while the Thai baht remained flat. Political stability and supply chain diversification needs have spotlighted Malaysia. Analysts expect Asian central banks to ease policies soon due to low inflation.
The MSCI International Emerging Markets Currency Index rose 0.3%, hitting its highest since mid-July. Asian equities also climbed, with significant gains in Taipei, Bangkok, Manila, Seoul, and Jakarta.
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