Economics
Malaysia's Ringgit Snaps Longest Run of Weekly Losses Since 1971
- Currency completes first weekly gain since the middle of June
- Fed holding interest rates and rising oil price aid ringgit
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Malaysia’s ringgit snapped the longest run of weekly declines in more than four decades after the U.S. refrained from raising interest rates and a rally in Brent crude improved prospects for the net oil exporter.
The ringgit posted its first weekly advance in three months, strengthening 2.7 percent to 4.2043 a dollar in Kuala Lumpur, according to prices from local banks compiled by Bloomberg. The currency gained 1.2 percent on Friday for its biggest two-day rally since September 2013, paring the year’s loss to 17 percent, still the worst in Asia.