(Bloomberg) -- Malaysia’s assets defied a broad selloff in emerging markets on Friday amid optimism surrounding the nation’s economic outlook and speculation of support from local funds.

The ringgit rose as much as 0.1% before trading little changed, and was one of the best performers in emerging Asia. The benchmark FBM KLCI Index outperformed most other major markets in the region.

The local currency is getting a boost from higher oil prices and robust first quarter economic growth, as well as “possibly Bank Negara Malaysia’s repatriation appeal to government-linked funds,” said Alvin Tan, head of Asia FX strategy at Royal Bank of Canada in Singapore.

Malaysia’s central bank in March said it would encourage state-linked firms to repatriate foreign investment income and convert it into the local currency more consistently to buoy the ringgit. Bank Negara Malaysia this week reaffirmed that it’s ready to support the currency, which is hovering close to the lowest level since 1998. 

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