Ringgit Edges Up Against Greenback Ahead of Jackson Hole

The Malaysian ringgit has opened higher against the US dollar on August 28 due to cautious sentiment ahead of signals from the US Federal Reserve at the annual Jackson Hole Symposium.

As of 8:01 am, the local currency rose to 4.0255/0345 against the greenback, up from yesterday's close of 4.0305/0350.

Market participants are likely to remain watchful of comments from US Fed officials, particularly those from US Fed chair Kevin Warsh, said Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.

Afzanizam expects the ringgit to trade in a narrow range today, as policymakers' tone at the symposium will be closely monitored.