Ringgit Passes 3 Per Dollar for First Time Since 1997

Malaysia’s ringgit advanced above 3 per U.S. dollar for the first time in more than 13 years on speculation its central bank will join Asian countries, including India and South Korea, in raising interest rates to help damp inflation.

Higher rates are boosting fund inflows into the region as economists forecast central banks in Japan and the U.S. will keep their benchmark rates near zero this week. The ringgit led appreciation among Asian currencies today with its biggest jump in two weeks after inflation in Southeast Asia’s third-largest economy accelerated at the fastest pace in 23 months in March.