The Malaysian ringgit hit a 13-year high on Monday as foreign investors snapped up local bonds, while the Thai baht rose to its highest in 28 months after data showed faster-than-expected economic growth. Most Asian currencies marked time as the dollar held steady after a jump late last week. The Malaysian ringgit gained half of a percent 3.1250 per dollar, a 13-year high, as investors bought local bonds.
Traders expect the ringgit to test 3.10, a level last hit in mid-October 1997, in coming weeks. The ringgit, the top performer in Asia, has rallied 9.5 percent against the dollar so far this year. Meanwhile, one-month dollar/ringgit non-deliverable forwards dropped to 3.1265 from 3.1390 late on Friday.
The Thai baht gained 0.4 percent to 31.36 per dollar, the highest since April 2008, after data showed the economy unexpectedly grew in the second quarter from the first as a surge in exports offset deadly political unrest, cementing expectations interest rates will rise further this year. The South Korean won edged up to 1,182 per dollar from the previous domestic close of 1,183.0. Earlier, the won strengthened as far as 1,177.9.