Ringgit strengthens against dollar ahead of Fed official's speech

The ringgit appreciated to 4.0230/4.0270 against the US dollar by 6 pm, compared with Thursday's closing level of 4.0305/4.0350, marking a modest but notable gain for the local unit. The move came as market participants adjusted their positions ahead of remarks expected from Kevin Warsh at the Jackson Hole Economic Symposium, an annual gathering closely watched for signals on US monetary policy. Expectations surrounding the speech appear to have prompted some profit-taking in the greenback, providing relief to regional currencies including the ringgit. The appreciation, while modest in percentage terms, underscores the sensitivity of emerging market currencies to developments in US interest rate policy and economic outlooks. Traders in Kuala Lumpur and across the region continue to monitor global economic indicators and central bank communications closely as they assess currency valuations and positioning for the months ahead.