KUALA LUMPUR (April 10): RHB Research Institute Sdn Bhd says it believes the ringgit (MYR) had overshot on the downside, due to the strengthening of the US Dollar (USD) and earlier uncertainty after the Central Bank introduced measures to stop speculation by offshore traders. “Nevertheless, volatility in the MYR could persist in the near term, given:i. Vulnerability from large foreign holdings of fixed income instruments in the country;iii. RHB Research said Malaysia’s forex reserves rose by US$400,000 to reach US$95.4 billion as at March 31. “In MYR terms, forex reserves, however, dropped by RM4.1 billion to RM422.2 billion in the same period,” it said.

Source: The Edge Markets April 09, 2017 23:37 UTC