KUALA LUMPUR: The ringgit is geared for its biggest rally since 1998 while stocks rallied due to surging crude oil prices, Bloomberg reported.
Reacting to the release of the US Federal Reserve’s minutes for its September meeting which indicated that the U.S. central bank won't rush to raise interest rates, Asian shares rose and a gauge of the dollar fell, Bloomberg said.
The report further quoted Masashi Murata, vice president at Brown Brothers Harriman & Co. in Tokyo as saying, "The higher oil price is also supporting the ringgit.”
The ringgit appreciated 2.4 per cent to 4.1350 a dollar as of 10.07am in Kuala Lumpur, taking its gains for the week to 6.7 per cent. Bloomberg also highlighted that the currency earlier climbed to 4.1213, the strongest level since Aug 21.
The FTSE Bursa Malaysia KLCI Index advanced 1.1 per cent on Friday and 5 per cent from Oct 2, paving way for its biggest weekly gain since 2008.