Malaysia Importers Use Ceasefire Window to Buy Dollar, Citi Says
The ringgit has been under pressure since the war in Iran broke out as risk sentiment deteriorated.
Photographer: Samsul Said/BloombergSome Malaysian importers snapped up dollars on Wednesday, capitalizing on the greenback’s retreat, according to Citigroup Inc.
The dollar weakened as much as 1.4% against the ringgit as haven demand eased after the US and Iran agreed to a two-week ceasefire. Importers often use such instances to hedge currency risk, buying dollars when they are relatively cheap to lower import costs.