Ringgit rises to three-week high with oil above US$52 a barrel

[KUALA LUMPUR] Malaysia's ringgit rose to a three-week high after crude prices rallied more than 2 per cent overnight to levels not seen since October.

The currency climbed 0.7 per cent to 4.0347 per US dollar as of 8:18 am in Kuala Lumpur and reached 4.0303, the strongest since May 18, prices from local banks compiled by Bloomberg show. Brent crude advanced above US$52 a barrel, bolstering the outlook for Malaysia as Asia's only major net oil exporter.

BLOOMBERG