Rupiah, ringgit gain amid muted Asian FX market, stocks continue rally

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Indonesia’s rupiah and Malaysia’s

ringgit firmed on Tuesday, buoyed by higher energy and palm oil

prices in the wake of Russia’s invasion of Ukraine.

Russia’s rouble also held steady after a steep

plunge in the previous few sessions, after leaders from Russia

and Ukraine held ceasefire talks, but did not reach an


“The fact that both sides are talking is positive, but there

hasn’t been any resolution, and the conflict is ongoing. So I

think markets are still taking a very cautious view about the


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current situation, and there’s certainly no indication of risk

getting put back on,” said Khoon Goh, head of Asia research at

ANZ Banking Group (Singapore).

The rupiah and ringgit saw gains of 0.1% each.

Goh attributed the rise to surging prices of oil and natural

gas, which Malaysia and Indonesia are exporters of. Palm oil

prices, which hit a record high, also boosted the currencies.

Oil prices have been on an upward trajectory since the

Russia-Ukraine crisis began escalating, with Brent crude

touching a seven-year high of $105.79 a barrel, but have since

retreated below the $100 mark.

Indonesian stocks also led gains among equities in

the region, jumping as much as 1.6% to a record high, helped by

energy and coal producers, catching up on Monday’s broader


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market gains after returning from a market holiday.

Data also showed the annual inflation rate in Indonesia was

2.06% in February, below market expectations.

The baht, which added 0.1%, was also likely

supported by Thailand’s central bank saying that its economy

likely improved in February.

Other equity markets in the region also continued their

upward movement as they rebounded from last week’s steep

selloff, with Philippine, Singaporean and Thai

stocks rising between 0.7% and 0.9%.

Stocks in Taiwan also climbed 1.4% in their best day

in nearly two weeks, while Malaysian stocks were the

only ones in losses, down about 0.4%.

Late on Monday, data also showed the Indian economy’s growth

slowed in the December quarter, compared to the previous two


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quarters and failed to meet market expectations.

Markets in India and South Korea were closed for public



Third top gainer among Indonesian stocks is Pradiksi

Gunatama Tbk Pt, a palm oil producer, after palm oil

prices hit record high

Top loser among Malaysian stocks is CIMB Group,

down 5.3% over writing off a $67 million provision

Asia stock indexes and currencies at

0511 GMT



% %

Japan -0.09 -0.01 <.n225>

China -0.03 +0.69 <.ssec>

India 0.00 -1.34 <.nsei>

Indonesia +0.14 -0.66 <.jkse>

Malaysia +0.07 -0.69 <.klse>

Philippines -0.06 -0.41 0.86 3.53

S.Korea 0.00 -1.12 <.ks11>

Singapore -0.04 -0.46 0.85 4.68

Taiwan -0.11 -1.29 <.twii>

Thailand +0.09 +2.36 <.seti>

(Reporting by Harshita Swaminathan; Editing by Kim Coghill)



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