The ringgit opened higher against the US dollar and major currencies on Friday as investors await policy guidance from the US Federal Reserve (Fed) at the Jackson Hole Economic Policy Symposium later today.
At 10.10am, the ringgit was at 4.2270, down 0.12% against the US dollar since it opened early Friday in Asian trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the market remained cautious ahead of US Fed Chairman Jerome Powell's speech at the symposium tonight.
He expected the ringgit to move in a narrow range around RM4.22 against the US dollar throughout the day while awaiting the Jackson Hole assessment tonight.
Meanwhile, the US Dollar Index (DXY) rose 0.41 per cent to 98.619, supported by improved business sentiment reflected in the Composite Purchasing Managers' Index (PMI) data.
At the opening, the ringgit traded higher against several major currencies.
The local unit rose against the British pound to 5.6616/6884 from 5.6899/6953 on Thursday, rose against the Japanese yen to 2.8431/8568 from 2.8595/8626 and surged against the euro to 4.8998/9231 from 4.9226/9263.
At the same time, the local currency traded higher against the currencies of ASEAN countries.
However, it was unchanged against the Philippine peso at 7.40/7.44.
It rose against the Singapore dollar to 3.2741/2899 from 3.2819/2853 at Thursday's close, gained against the Thai baht to 12.9139/9822 from 12.9460/9638 and rose against the Indonesian rupiah to 259.0/260.4 from 259.2/259.6 previously.
