Ringgit opens higher against greenback
Market participants are likely to remain watchful of the tone adopted by the policymakers at the Jackson Hole symposium, particularly comments from US Fed officials, says an analyst.
The ringgit opened higher against the US dollar on Friday, according to an analyst. At 8:01 am, the local currency reached 4.0255/4.0345 against the greenback, up from Thursday's close of 4.0305/4.0350. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid suggested that market participants will remain cautious, watching the tone adopted by US policymakers at the Jackson Hole Symposium.
He noted that the focus would be on what US Fed chair Kevin Warsh describes as the current economic and market conditions, potentially remaining uninformative about a forward-looking view. Afzanizam predicts the ringgit will remain in a narrow range for today. The currency traded higher against a basket of major currencies, but declined against the British pound.
It appreciated versus the Japanese yen and euro, and also rose against regional currencies like the Singapore dollar, Indonesian rupiah, and Thai baht. However, the local note remained flat against the Philippine peso.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Ringgit opens higher against greenback freemalaysiatoday.com
