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Kuala Lumpur: The Ringgit opened higher against the US dollar ahead of the US Federal Open Market Committee’s (FOMC) decision on interest rates later tonight.

At 8 am, the Ringgit advanced to 4.4405/4480 against the greenback from Monday’s close of 4.4450/4490.

Malaysian markets were closed for a public holiday yesterday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said it has appeared that the markets are anticipating the US Federal Reserve (Fed) will be more dovish when it deliberates on its interest rate decision later today.

“The Fed might lean towards more rate cuts with markets anticipating three rate cuts this year,” he told Bernama.

The two-day FOMC meeting has been going on since yesterday.