Malaysia’s ringgit fell the most in almost two weeks as the dollar rallied before the Federal Reserve issues the minutes of its April meeting, which may shed more light on when it will raise interest rates.A gauge of the greenback has gained 1.3% two days, after declining in each of the last five weeks. Malaysia will publish last month’s inflation data on Friday, after central bank governor Tan Sri Dr Zeti Akthar Aziz said she would review the target should crude oil prices exceed US$70 a barrel. The currency has appreciated 3% this quarter as Brent climbed 19% to above US$65.
“The expectation will be for the Fed to maintain its call that it’s still looking for a rate hike this year and that will keep the dollar supported,” said Choong Yin Pheng, senior manager for bonds and economic research at Hong Leong Bank Bhd. “The market has started to build in hopes that the weaker dollar that we’ve seen could potentially help the United States recover.”
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