Ringgit Opens Higher Across Major, Regional Currencies
By Karina Imran
KUALA LUMPUR, Aug 21 (Bernama) -- The ringgit opened higher on Thursday as the US dollar weakened following the release of the Federal Open Market Committee (FOMC) minutes, an analyst said.
The local currency also strengthened against other major and regional units.
At 8 am, the ringgit rose to 4.2190/2335 from Wednesday's close of 4.2250/2290.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the minutes showed the US Federal Reserve (Fed) was in a holding pattern as it assessed the impact of tariff shocks on the economy, particularly inflation.
'The debate hinges on whether the impact will be transitory or persistent.
'Michelle Bowman and Christopher Waller, the two FOMC members who dissented and favoured a 25 basis-point (bps) cut, strongly believed that the tariff-driven inflationary impact would be temporary,' he told Bernama.
Mohd Afzanizam said the US Dollar Index (DXY) slipped 0.05 per cent to 98.218 as the minutes sent mixed signals to investors.
He added that investors would now focus on Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.
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