Ringgit Advances as US Housing Improves

The Malaysian ringgit rose today together with other Asian currencies after the report yesterday showed that the US housing sector improved. The positive data improved prospects for the Asian exports.

The housing starts rose to 685,000 in November from 627,000 in October. The housing starts advanced to 681,000 in the last month from 644,000 in the month before. Both were expected to decline. The MSCI Asia-Pacific Index of stocks gained as much as 2.3 percent, showing the biggest advance in three weeks.

USD/MYR fell from 3.1795 to 3.1649 as of 12:31 GMT today.

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