SINGAPORE-The Malaysian
ringgit hit a three-week high on Tuesday, outperforming some Southeast
Asian currencies, as offshore funds bought it after the government cut
fuel subsidies to reduce the country’s fiscal deficit.
The ringgit advanced 0.29 per cent to 3.2645 as of 11.07am in Kuala Lumpur, after hitting 3.2590, its strongest since August 13.
That compared with a 0.23 per cent gain for the Thai baht and 0.27 per cent appreciation of the Philippine peso.
Malaysian government bond yields slid.
Late Monday, Malaysia Prime Minister Datuk Seri Najib Razak looked to sidestep political opponents and temper market jitters by cutting fuel subsidies to beef up the country’s fiscal position, which had spurred capital outflows.
The ringgit advanced 0.29 per cent to 3.2645 as of 11.07am in Kuala Lumpur, after hitting 3.2590, its strongest since August 13.
That compared with a 0.23 per cent gain for the Thai baht and 0.27 per cent appreciation of the Philippine peso.
Malaysian government bond yields slid.
Late Monday, Malaysia Prime Minister Datuk Seri Najib Razak looked to sidestep political opponents and temper market jitters by cutting fuel subsidies to beef up the country’s fiscal position, which had spurred capital outflows.
