Ringgit Strengthens Ahead of FOMC Meeting Amid Elevated Oil Prices

The ringgit opened stronger against the US dollar on Monday ahead of the Federal Open Market Committee (FOMC) meeting scheduled for September 15-16, 2026. According to Dr Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Bhd, the upcoming FOMC meeting and the Bank of Japan's interest rate decision on September 18 are influencing market sentiment.

The current crude oil prices suggest that inflationary pressures could remain elevated. Brent crude is currently trading at $107 per barrel, which is a contributing factor to the ringgit's performance today.

The ringgit traded mixed against other major currencies but strengthened against ASEAN currencies such as the Singapore dollar, Thai baht, and Indonesian rupiah.