Ringgit Opens Higher Amid Fed Decision and Oil Price Surge

The ringgit opened higher against the US dollar on July 30, after the Federal Reserve kept interest rates unchanged at its latest policy meeting.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, the decision was not unanimous as 3 out of 12 voting members elected for a rate hike. This led to the US dollar index falling 0.57 per cent to 100.842 points.

The ringgit traded lower against several major currencies at the opening, but is expected to maintain its tight range due to the oil price surge. The West Texas Intermediate (WTI) and Brent crude oil have gone up by 6.56 per cent and 8.12 per cent respectively, as the US military prepares to strike Iran.