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Standard Chartered: Ringgit Best Performing Currency In Asia, Ex-Japan

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The ringgit has been the best-performing currency in Asia, ex-Japan, so far in the second quarter, gaining 2.5 percent against the US dollar.

According to Standard Chartered Bank Malaysia, the supportive factors are the exceptionally attractive valuations, underweight foreign investor positioning and improving external balances.

The bank said key hurdle that curbed interest for the ringgit was weak sentiment towards the currency, which now seemed to be improving.

It said foreign investors have been net buyers of Malaysian equities for four straight months, with net inflows of US$ 2.2 billion year-to-date.

Standard Chartered said there was significant room for the ringgit to catch up for further gains given the scale of portfolio outflows in the past four years.

As at 5 pm, the ringgit traded at 4.33 against the greenback.