KUALA LUMPUR, April 14 — Malaysia’s ringgit halted a three-day drop, tracking a gain in the Singapore dollar, after the neighboring city-state’s central bank refrained from easing policy.

The Monetary Authority of Singapore will “maintain the policy of a modest and gradual appreciation” in its currency, the central bank said Tuesday after data showed first-quarter economic growth exceeded estimates. The ringgit recorded 2015’s biggest drop yesterday following a rise in the greenback on the outlook for US interest-rate increases. The MAS surprised markets in January by easing outside of a scheduled meeting. Eight of 15 analysts surveyed by Bloomberg predicted it would keep its stance today, while the rest said it would ease.

“The ringgit benefited from the rally in the Singapore dollar, following the MAS decision this morning to leave its policy stance unchanged,” said Khoon Goh, a Singapore-based senior foreign-exchange strategist at Australia & New Zealand Banking Group Ltd. “Given the sharp depreciation in the ringgit yesterday, unwinding of short positions likely further contributed to the currency’s gains.”

The ringgit strengthened 0.2 per cent to 3.7015 a dollar as of 10:18 a.m. in Kuala Lumpur, according to data compiled by Bloomberg. The currency has weakened 5.5 per cent in 2015, the worst performance in Asia, as a slide in energy prices cut earnings for Malaysia, which is a net oil exporter. The Singapore dollar rose 0.7 per cent today. A short position is a bet a currency will weaken.

The ringgit is likely to trade in a 3.68 to 3.70 range this week, with a reprieve in the oil-price slide the only supporting factor, said Saktiandi Supaat, head of foreign-exchange research at Malayan Banking Bhd in Singapore. Brent crude has climbed 5 per cent in the past four days.

Government bonds were little changed, with the yield on 10- year notes at 3.88 per cent, data compiled by Bloomberg show. — Bloomberg