28 Feb '13, 10am

Short-covering lifts ringgit; Asia FX up on risk appetite: SINGAPORE, Feb 28 — The Malaysian ringgit led gains...

Short-covering lifts ringgit; Asia FX up on risk appetite February 28, 2013 SINGAPORE, Feb 28 — The Malaysian ringgit led gains in emerging Asian currencies today, with most regional units set to see monthly rises as risk appetite improved after a relatively smooth sale of Italy’s bonds and on strong US business spending. The ringgit rose as investors rushed to cover short positions, shrugging off news that central bank was set to impose tighter rules on the currency’s reference rates. The Indonesian rupiah gained on continuous capital inflows, while the South Korean won gained on stop-loss dollar selling by offshore funds. Such gains helped most emerging Asian currencies see monthly gains. “Sentiment improved on healthy US data and Bernanke’s support. So, emerging Asian currencies are expected to gain a bit further next month,” said Jeong My-young, Samsung Futures’ resear...

Full article: http://www.themalaysianinsider.com/business/article/short...

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