Ringgit Strengthens Ahead of Fed Decision

The Malaysian ringgit strengthened against major currencies including the US dollar on Monday, ahead of the US Federal Reserve's (Fed) decision on interest rates.

According to Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid, the ringgit traded within a tight range against the greenback during the day, with investors remaining cautious ahead of the Fed meeting scheduled for July 28 and 29.

The ringgit appreciated against several major currencies including the Japanese yen, euro, and British pound, but weakened against some regional currencies such as the Thai baht and Philippine peso.

Crude oil prices fell after hostilities between the US and Iran were halted over the weekend, with West Texas Intermediate crude slipping 6.98 per cent to $83.08 per barrel, while Brent crude fell 7.94 per cent to $89.10 per barrel.