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Malaysia’s ringgit moved forward for a fourth day on assumptions that inflows into Asia’s rising markets will skyrocket as bank bailouts put European savings at risk. Government bonds were stable.
Cypriot President Nicos Anastasiades give his blessing yesterday to close the country’s second-biggest bank and set a tax on deposits of more than 100,000 euros to secure a 10 billion-euro ($13 billion) bailout. The ringgit will gain advantage also from Malaysia’s “diligent” financial policy which is aiding the nation’s exports, according to Barclays Plc.
“If you are a European deposit holder who’s lucky enough to have 100,000 euros, you may well be looking for a new home for that money,” said Jonathan Cavenagh, a currency strategist at Westpac Banking Corp. (WBC) in Singapore “Europe’s pain is potentially Asia’s gain.”
The ringgit jumped 0.1 percent to 3.0973 per dollar as of 9:35 a.m. in Kuala Lumpur. One-month set volatility, a measure of calculated moves in exchange rates used to price options, was fixed at 6.94 percent. The yield on 3.26 percent sovereign bonds due March 2018 was 3.23 percent
