The Malaysian ringgit led modest gains in Asian currencies on Monday, while stocks were broadly mixed in cautious trading ahead of a slew of policy interest rate decisions by big central banks, including the US Federal Reserve.

The ringgit firmed 0.4%, but Malaysian stocks were down 0.3%.

Christopher Wong, a currency analyst at OCBC, said the ringgit’s advance was helped by easing US treasury yields.

Malaysia’s central bank is set to decide its overnight policy rate on Nov. 2, and several analysts, including Wong, expect Bank Negara Malaysia to keep rates unchanged.

During the past two weeks, both Bank Indonesia (BI) and Bangko Sentral ng Pilipinas (BSP) raised interest rates to address high inflation, with the BI’s unexpected hike mainly aimed at stabilising the rupiah.

Thai baht, Malaysian ringgit lead Asian FX lower on extended dollar strength

The rupiah has fallen for eight consecutive weeks, but traded up 0.1% on Monday.

Indonesian shares fell 0.3%.

The Indonesian financial regulator’s chief said the country’s finance sector was stable and could withstand a higher interest rate environment in the United States.

Emerging Asian markets remained on the edge ahead of a series of central bank policy meetings during the week, including in the United States, Britain and Japan.

Markets expect the US Federal Reserve to leave rates unchanged at its policy meeting ending on Nov. 1.

Analysts at BofA Global Research said in a note the Asian central banks were now better prepared to mitigate the impact of higher US rates and stronger greenback.

“We do not envisage the external pressure on FX and capital flow from a hawkish Fed would derail the policy setting in EM Asia,” BofA analysts wrote.

In South Korea, shares rose 0.5%, with the won also up about 0.2%.

“Overall, we expect the won to see some upside factors from some electronics positive green shoots story and expectations for local exporters to sell dollars near the end of the month,” Saktiandi Supaat, head of FX research at Maybank said.

Traders now look forward to a slew of economic data this week, including inflation in Indonesia, industrial output in South Korea and manufacturing PMI in China, India and Philippines.

Indian equities were down 0.5%.

Markets in Philippines were closed on account of a public holiday.