Ringgit opens stronger against US dollar, but Fed caution keeps gains in check

The ringgit opened stronger against the US dollar on Friday, with the local currency rising to 4.0255/0345 from Thursday's close of 4.0305/0350, according to an analyst. Market participants are expected to remain cautious, closely watching the tone adopted by US Federal Reserve policymakers at the upcoming Jackson Hole Symposium.

Analysts believe the focus will be on comments from US Fed chair Kevin Warsh, who might describe the current economic conditions as more hawkish due to recent consumer price index data, potentially limiting gains for the ringgit. Despite trading higher against other major currencies, the ringgit remained flat against the Philippine peso at 6.51/6.53.

Brief written by urgent.news from Malay Mail's own syndicated text. Machine-written — may contain errors; check the original before relying on it.