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Ringgit up 5pct to five-week high on stop-loss dollar selling

Malaysia’s ringgit jumped more than 5 percent to a five-week high today on stop-loss dollar selling and higher local stocks.

The ringgit, the worst performing Asian currency so far this year, surged as much as 5.2 percent to 4.1600 per dollar, its strongest since Sept 1.

Kuala Lumpur stocks advanced 1.6 percent.

The ringgit and Malaysian stocks also found support from stronger-than-expected August exports and a rebound in global crude prices that eased concerns over the country’s overseas earnings from oil and gas sales.

- Reuters

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