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Ringgit Set for Best Weekly Rally Since 1998 as Oil Extends Gain

  • Asia stocks rise after minutes showed Fed not in rush to hike
  • Ringgit bolstered by better-than-expected trade data this week
Updated on

The ringgit was poised for its biggest weekly advance since 1998 and stocks rallied as surging crude oil prices brightened prospects for Malaysia’s economy.

Asian shares rose on Friday and a gauge of the dollar fell after minutes of the Federal Open Market Committee’s latest meeting indicated the U.S. central bank won’t rush to raise interest rates. Brent crude extended gains after rising 3.4 percent on Thursday. Malaysia, Asia’s only major oil exporter, derives about 22 percent of state revenue from the commodity.