Ringgit seen rallying to eight-month high

At 9am(0100gmt), the local unit was quoted at 4.1970/2000 against the greenback from Thursday's close of 4.2040/2070.

KUALA LUMPUR: The ringgit may advance 4% as the latest measures by Bank Negara reduce the risks of holding the currency and the economy improves, a member of the central bank’s financial markets committee said.

The currency could reach 4.1 to the US dollar in the second half, said Lee Kok Kwan, who is also a director at CIMB Group Holdings Bhd. The fair value of the ringgit should be between 3.8 and 4.0, when benchmarked against regional and commodity currencies, said Lee, who accurately predicted in January that the currency would rebound from a 19-year low.