Ringgit extends gains as rally in oil brightens revenue outlook

KUALA LUMPUR: Ringgit strengthened the most in more than a week as Brent crude rallied overnight to above US$50 a barrel, brightening the outlook for Malaysia, which is Asia’s only major net oil exporter.

The ringgit gained along with other regional currencies yesterday as the Standard & Poor’s 500 Index of US stocks climbed toward its record reached in May, with the positive sentiment rubbing off on Asian benchmarks.