Forex
Ringgit Edges Up Against Dollar Ahead of FOMC Meeting
The Malaysian ringgit opened higher against the US dollar on Monday morning amid cautious market sentiment ahead of the upcoming FOMC meeting. The local currency edged up to 4.0630/0730 against the greenback from last Friday's close of 4.0685/0725.
According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, market sentiment is also influenced by the Bank of Japan's interest rate decision on September 18.
The current crude oil prices are expected to keep inflationary pressures elevated, with Brent crude hovering around $107 per barrel.