Ringgit Rises Ahead of Jackson Hole Symposium Signals

The Malaysian ringgit opened higher against the US dollar on Friday, despite cautious sentiment ahead of signals from the United States Federal Reserve (US Fed) at the annual Jackson Hole Symposium.

At 8.01 am, the local currency rose to 4.0255/0345 against the greenback from Thursday's close of 4.0305/0350.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expects market participants to remain watchful of the tone adopted by policymakers at the symposium, particularly comments from US Fed officials.

He noted that the focus will be on what US Fed chair Kevin Warsh describes as the prevailing economy and market conditions during the Jackson Hole Symposium. Chances are it will remain scanty on a forward-looking view.