KUALA LUMPUR: The ringgit opened higher against the US dollar and most major currencies on Thursday as the greenback remained under pressure ahead of next week's Federal Open Market Committee (FOMC) meeting.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said market sentiment remains cautious ahead of next week's FOMC meeting, with investors closely monitoring inflation.
He also said crude oil prices rose after the latest attack on a Saudi oil field, with Brent crude currently hovering around US$108 per barrel.
Afzanizam added that US crude oil inventories fell by 3.06 million barrels in the week of Oct 16, which may suggest that the US government is attempting to stabilise their fuel prices.
