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Ringgit Gains for Fourth Day as Industrial Output Beats Forecast

Jan. 10 (Bloomberg) -- Malaysia’s ringgit gained for a fourth day, its longest winning streak since September, as data showed factory output increased by more than forecast in November. Government bonds were little changed.

The currency touched a 12-week high after official figures released today showed industrial production rose 7.5 percent, the most since May and more than the 5.9 percent median estimate of analysts surveyed by Bloomberg. Overseas sales gained 3.3 percent in November, the most in five months, data showed yesterday. China, the No. 1 destination for shipments from Malaysia, reported today a 6 percent increase in imports for December, the fastest growth in six months.

“We’ve started to see signs of bottoming in the global slowdown,” said Sim Moh Siong, a currency strategist at Bank of Singapore Ltd. “Being an export-dependent nation, Malaysia should benefit. Over time, it should show up in better economic numbers and that would benefit the ringgit.”

The ringgit advanced 0.4 percent to 3.0320 per dollar as of 4:55 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. The currency touched 3.0279, the strongest since Oct. 18, and its four-day rally is the longest since a 5-day gain that ended Sept. 12.

One-month implied volatility, a measure of expected moves in exchange rates used to price options, fell 10 basis points, or 0.1 percentage point, to 4.82 percent.

The yield on the 3.314 percent sovereign notes due October 2017 held at 3.27 percent, according to Bursa Malaysia. The government plans to sell 4.5 billion ringgit ($1.5 billion) of three-year bonds on Jan. 15, according to data published on the central bank’s website today.

To contact the reporter on this story: Liau Y-Sing in Kuala Lumpur at yliau@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net.

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