Ringgit Rises Most Since 2015 as Market Chaos Spurs Some Winners
- Currency surges as much as 2.3%, outperforming EM peers
- RBC sees the start of an unwinding of ringgit’s undervaluation
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The ringgit jumped the most in nine years on bets foreign capital will flood in amid optimism surrounding Malaysia’s economy.
The currency surged as much as 2.3% on Monday, headed for its biggest gain since October 2015. It outperformed its developing peers including the Chinese yuan on a day of significant turmoil across global markets triggered in part by fears of a US recession and an unwind of popular currency trades.