Ringgit opens higher against greenback

KUALA LUMPUR: The Malaysian ringgit started the day stronger against the US dollar on Friday, as market sentiment remained cautious ahead of statements from the United States Federal Reserve (US Fed) at the annual Jackson Hole Symposium, according to an analyst. By 8.01 am, the local currency appreciated to 4.0255/4.0345 against the greenback, following Thursday’s closing rate of 4.0305/4.0350.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid suggested that market participants would keep a close eye on the comments made by US Fed officials, especially during the Jackson Hole Symposium. "Today's focus will be on what US Fed chair Kevin Warsh has to say about the current economy and market conditions during the Jackson Hole Symposium.

It is likely to be limited in its forward-looking outlook," he informed Bernama. Afzanizam predicted that the ringgit would remain within a narrow range for the day. Throughout the morning, the ringgit performed well against a range of major currencies, but weakened slightly against the British pound, falling from 5.4714/5.4775 to 5.4731/5.4853.

It gained against the Japanese yen, rising from 2.5274/2.5304 to 2.5268/2.5326, and strengthened against the euro, increasing from 4.6919/4.6971 to 4.6909/4.7014. The local note also showed an upward trend against regional currencies, climbing against the Singapore dollar from 3.1686/3.1724 to 3.1672/3.1745, improving against the Indonesian rupiah from 227.1/227.5 to 226.8/227.4, and rising against the Thai baht from 12.2534/12.2715 to 12.2411/12.2764.

However, the ringgit remained unchanged against the Philippine peso, trading within a narrow range at 6.51/6.53.