The Malaysian ringgit advanced today, posting the biggest gain since 2010, after the elections resulted in the government party securing a clear majority in the parliament. It should allow Prime Minister Najib Razak to continue with his reforms unhindered.
Razak’s Barisan Nasional coalition (also known as the National Front) secured 133 of the 222 parliamentary seats. The victory should allow the Prime Minister to proceed with his $444 billion development program to construct railways, power plants and roads. The plan may help Malaysia to achieve status of a developed nation by 2020.
USD/MYR fell from 3.0348 to 2.9778 as of 111:14 GMT today and its daily low was at 2.9698.
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