Malaysia's Ringgit Overcomes This Year's Slow Start as Inflows Gather Pace [BNN Bloomberg (Canada)]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The currency — which has climbed nearly 1% since the end of February — is expected to rise to 4.65 per dollar by year-end from 4.7050 now, according to strategists surveyed by Bloomberg. Rising foreign inflows and income repatriation by state firms are fueling the optimism. Analysts are predicting that the ringgit's rebound from a 26-year low will prove more lasting than a previous attempt as global funds return to Malaysian assets and the export outlook improves. Local stocks are set to receive their first monthly inflow since February while overseas investors snapped up $233 million of the nation's bonds in April. The ringgit's performance is due to “foreign inflows into domestic equity and bond markets, improved growth prospects and a widening of the current-account surplus,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. in Singapore. Authorities stepped in to revive the currency in recent months by encouraging state-linked firms to repatriate foreign
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