Ringgit, rupee in divergence as crude oil surges

Ringgit, rupee in divergence as crude oil surges
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MUMBAI (Jan 11): Higher oil prices bolstered the Malaysian ringgit, which led gains in Asia, while India’s rupee slid on concerns over the impact on the crude-importing nation. The MSCI EM Asia Index was lower for a third day.

“Ringgit strengthened beyond 4 to a dollar as higher oil prices and prospects of a rate hike from Bank Negara later this month lent support,” said Khoon Goh, head of research at ANZ in Singapore.

The dollar rebounded from a six-week low against the yen, as comments from China about its investments plans lifted Treasuries. Most other Asian currencies also pared gains against the greenback following the Chinese statement.