Kuala Lumpur: .The Malaysian ringgit led gains among Asian currencies on optimism global investors will pour more funds into regional assets as exports and remittances buoy local economies

The ringgit traded near a 17-month high after Singapore, Malaysia's second-biggest trading partner, yesterday reported the biggest jump in non-oil domestic exports since 2005. The Philippine peso reached a 17-month high of 45.41 per dollar after the central bank yesterday reported the largest balance of payments surplus in almost a year, fuelling optimism remittances from overseas nationals are picking up.

"We continue to see stock inflows supporting the ringgit," said Lam Chee Mun, who helps manage $200 million (Dh734.4 million) at TA Investment Management Bhd. in Kuala Lumpur. "Recovery momentum is still there for this quarter but we need to see more data to assess beyond that."

The ringgit climbed 0.2 per cent to 3.3365 per dollar as of 3.54pm in Kuala Lumpur, according to data compiled by Bloomberg. The currency reached 3.3290 on January 14, the strongest level since August 2008. The Thai baht rose 0.1 per cent to 32.81 and the Philippine peso advanced 0.1 per cent to 45.847.

Singapore's non-oil domestic exports surged 26.1 per cent in December from a year earlier, after an 8.7 per cent gain in November, the trade promotion agency said in a statement yesterday. Malaysia shipped 14 per cent of its exports to Singapore in the first 11 months of 2009.

Filipino remittances

Remittances from overseas workers to the Philippines helped drive a $1.22 billion balance of payments surplus in December, giving a total of $5.3 billion for 2009, Bangko Sentral ng Pilipinas said.

"We already saw remittances recover," said Lito Biacora, vice president for treasury at Bank of the Philippine Islands in Manila. "The external balance is going to continue to support the peso, mainly thanks to remittances."

The Philippines is considering selling debt in dollars and euros for the first time to Filipinos working as nurses, sailors and engineers overseas to help fund a record budget deficit, Treasurer Roberto Tan said.