The ringgit opened higher against the US dollar on Friday, with Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expecting the local currency to remain in a narrow range as markets await signals from the US Federal Reserve (Fed) at the Jackson Hole Symposium.
At 8.01 am, the ringgit strengthened to 4.0255/0345 against the greenback from Thursday’s close of 4.0305/0350.
Mohd Afzanizam said market participants would remain watchful of the tone adopted by policymakers at the symposium, particularly Fed officials.
“The focus today will be on what US Fed chair Kevin Warsh would describe the prevailing economy and market conditions during the Jackson Hole Symposium.
“Chances are, it will remain scanty on a forward-looking view. In light of the recent consumer price index (CPI), the Fed chair could sound more hawkish at best,” he told Bernama.
The ringgit also traded mostly higher against major currencies, strengthening against the Japanese yen to 2.5268/5326 from 2.5274/5304 and the euro to 4.6909/7014 from 4.6919/6971.
However, it weakened against the British pound to 5.4731/4853 from 5.4714/4775.
Against regional currencies, the ringgit rose to 3.1672/1745 against the Singapore dollar, 226.8/227.4 against the Indonesian rupiah and 12.2411/2764 against the Thai baht. It was flat against the Philippine peso at 6.51/6.53.
