Update Bank Negara's international reserves up 0.21% to US$97.2b as at April 15

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Bank Negara's international reserves up 0.21% to US$97.2b as at April 15

By Meena Lakshana / theedgemarkets.com   | April 22, 2016 : 6:15 PM MYT

KUALA LUMPUR (April 22): The international reserves of Bank Negara Malaysia gained 0.21% to US$97.2 billion (RM382.1 billion) as at April 15, 2016 from US$97 billion (RM381.6 billion) as at March 31, 2016.
In a statement, the central bank said the April 15 reserves position is sufficient to finance 8.1 months of retained imports and is 1.1 times the short-term external debt.
The increase in Bank Negara's international reserves also coincides with a stronger ringgit against the greenback in the first quarter of the year.
After being pummelled by weak crude oil prices and anticipated interest rate hikes in the United States, the ringgit has made a turnabout from being the worst performing Asian currency last year to being Asia's best performing currency so far this year.
Thomson Reuters data showed that the ringgit has strengthened 10% against the US dollar in January to March this year, its largest quarterly gain since 1973.
In 2015, the ringgit had its worst year since 1997, sliding 18.5% against the greenback.
ForexTime Ltd chief market analyst Jameel Ahmad reportedly said the ringgit is expected to move between 3.80 and 4.00 against the US dollar in the second quarter of this year, helped, among others, by reduced worries of a hike in US interest rate.
He had also said the positive outlook for the local currency is also due to recovery in commodity prices and reduced risk from China.
At market close today, the ringgit settled weaker against the greenback, at 3.9005 against the US dollar, tracking a weaker overnight oil market.
Reuters reported that US crude oil prices slid 2.3% to settle at US$43.18 a barrel while Brent crude oil was down 2.8% to settle at US$44.53 a barrel.