(Nov 24): The ringgit gained the most in two weeks on optimism Malaysia’s plan to abolish energy subsidies will help shore up public finances.

The currency headed for the biggest two-day advance since the start of October after the government announced Nov. 21 it will remove fuel subsidies from Dec. 1. The ringgit also rose on speculation Malaysia, a net oil exporter, will benefit from a rebound in crude prices from a four-year low.

“Abolition of fuel subsidies and the likely stabilization of oil prices are ringgit-positive,” Sim Moh Siong, a currency strategist at Bank of Singapore Ltd. “We expect the ringgit to strengthen further in the near term.”

Malaysia’s currency climbed 0.4 percent, the most since Nov. 10, to 3.3420 per dollar as of 10:49 a.m. in Kuala Lumpur, according to data compiled by Bloomberg show. It strengthened 0.7 percent in the past two days. One-month implied volatility, a measure of expected moves in the exchange rate used to price options, increased seven basis points, or 0.07 percentage point, to 7.26 percent.

Brent crude gained 1.2 percent last week, curbing this quarter’s decline to 15 percent. Oil-related industries account for 30 percent of Malaysia’s government revenue.

Consumer prices in the Southeast Asian nation gained 2.8 percent in October from a year earlier, compared with 2.6 percent in the previous month, official data released on Nov. 21 showed. That’s less than the median 3 percent estimated by economists in a Bloomberg survey.

Ten-year government bonds were little changed, with the yield on the 4.181 percent notes maturing in July 2024 at 3.90 percent, according to data compiled by Bloomberg.