Ringgit opens higher against US dollar as traders eye Fed meeting

The ringgit opened higher against the US dollar and other major currencies on Tuesday, as Malaysia's robust economic fundamentals supported the local note amidst lingering geopolitical risks in West Asia, according to an analyst. The ringgit rose to 4.0840/0905 against the greenback from Tuesday's close of 4.0855/0895. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that geopolitical developments in West Asia remained a focus as officials from Saudi Arabia, Pakistan, and Turkiye traveled to Iran for diplomatic talks.

He also mentioned that traders weighed external risks against Malaysia's resilient economic fundamentals, which continue to offer value to investors. The ringgit is expected to maintain its current trajectory today, with market attention turning to Bank Negara Malaysia's Monetary Policy Committee meeting on November 5, as discussions about the normalization of the overnight policy rate (OPR) grow.

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