Ringgit, Bursa get a boost on Anwar’s appointment
Published on: Friday, November 25, 2022
By: Bernama
Kuala Lumpur: The Ringgit climbed 1.8 per cent to its highest in over two months versus the US dollar today with the appointment of Datuk Seri Anwar Ibrahim as Malaysia’s 10th Prime Minister, thus easing the political uncertainty and the weak US dollar following the Federal Open Market Committee’s (FOMC) minutes.At 6pm, the local note gained 815 percentage points to 4.4910/5000 against the greenback from earlier close of 4.5725/5775
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SPI Asset Management managing director Stephen Innes said the ringgit rose the most among Asian currencies today, while the Bursa Malaysia benchmark rebounded 4.04 per cent as political uncertainty evaporated.
“This would have been perceived as good news for both domestic and international buyers of Malaysia assets; hence the ringgit gapped higher on the news as traders anticipated more foreign equity and bond inflows.
“I expect exporters to continue selling US dollar holding into year-end,” he told Bernama.
Pakatan Harapan chairman Anwar was sworn in as Malaysia’s10th Prime Minister at Istana Negara.
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