Malaysian Ringgit Rally after Election Results

Malaysia’s ringgit climbed the most in almost three years and local stocks may open higher after Prime Minister Najib Razak won a clear majority in a general election, giving him a mandate to continue his economic reforms.

The currency strengthened 1.3 percent to 2.9955 per dollar as of 8:13 a.m. in Kuala Lumpur, poised for the biggest one-day jump since June 2010, according to data compiled by Bloomberg. Three-month non-deliverable forwards rose 1.6 percent to 3.0022. The FTSE Bursa Malaysia KLCI Index fell 1.1 percent, the most in almost three months, on the last trading day before yesterday’s vote and has lagged regional counterparts this year.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu