Ringgit Edges Up as Markets Await FOMC Decision Amid Crude Oil Price Volatility

The Malaysian ringgit strengthened against the US dollar on Monday amid cautious market sentiment ahead of the upcoming Federal Open Market Committee (FOMC) meeting. The local currency edged up to 4.0630/0730 against the greenback from last Friday's close of 4.0685/0725.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid attributed the prevailing market conditions to the Bank of Japan (BOJ) interest rate decision on September 18, which is also influencing sentiment. He noted that crude oil prices are expected to remain high, with Brent crude hovering at US$107 per barrel.

The risk-off mode will dominate market sentiments in the coming days, according to Dr Afzanizam. As a result, he predicted the ringgit will trade between RM4.07 and RM4.08 on Monday.