Malaysian Ringgit Gains After Excessive Losses

The Malaysian ringgit gained today, demonstrating the biggest gain in a week, following its previous losses. The most likely reason for the rally is that the market considered the previous decline excessive.
Analysts think that today’s gains of the ringgit were just a technical bounce due to the oversold status of the currency. Traders were selling the ringgit earlier because of the drop of oil prices and the outlook for monetary tightening from the Federal Reserve. The currency is still down 3.1 percent over the month, the worst performer in Asia.
USD/MYR fell 0.15 percent to 3.4908 as of 10:51 GMT today.

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