Economics
Ringgit Jumps Most Since 1973 to Defy Bears as Oil Eclipses 1MDB
- Dollar weakness plays part as U.S. tempers rate outlook
- Malaysian investment company's asset sale also a positive
Malaysian currency-RINGGIT.Monday.29th.January 2007.
Photographer: Goh Seng Chong/BloombergThis article is for subscribers only.
Malaysia’s oil exports have turned the ringgit into Asia’s best-performing currency even as analysts say it’s the least attractive.
Forecasters are predicting the ringgit will weaken 8.4 percent this year for the biggest drop in the region, and some of them even see it falling beyond a 17-year low reached in September. The bearish calls peaked around the end of January, when Swiss investigators said a probe into state-owned 1Malaysia Development Bhd. revealed about $4 billion may have gone missing.