Asian Currencies Higher

Malaysia’s ringgit was set for the biggest advance among Asian currencies this week amid the fastest economic growth in a year. India’s rupee extended gains after the clearest election verdict in three decades.

Southeast Asia’s third-biggest economy expanded 6.2 percent in the first quarter, while the inflation rate eased in April from the highest level in almost three years, reports over the past week showed. Prime Minister designate Narendra Modi’s Bharatiya Janata Party won India’s first single-party majority since 1984 in national elections, spurring optimism the new government will introduce reforms to spur economic growth.

Malaysia’s economic and inflation data are “painting quite a strong domestic backdrop,” said Jonathan Cavenagh, a Singapore-based currency strategist at Westpac Banking Corp. “In India, it’s been a carry-on from the election euphoria.”


Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.