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.
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Mingze Wu
centers on forex and macro-economic trends impacting the Asia Pacific region.
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