The ringgit took a break from recent gains to open lower against the US dollar as it was weighed down by risk aversion sentiment amid heightened global geopolitical tensions.
At 10.10am, the ringgit fell to 4.1640 which is 0.07% lower against the US dollar than it closed at 4.1530 on Tuesday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) rose 0.42 percent to 101,194 points as traders and investors sought protection following increasing uncertainty.
He expects the ringgit to weaken due to demand for safe-haven currencies and the US dollar is expected to be higher.
The current support and resistance levels are at RM4.0728 and RM4.2128 respectively adding to the weak sentiment following a moderate recovery for the USD.
Meanwhile, the ringgit traded mostly higher against a group of major currencies.
It weakened against the Japanese yen to 2.8932/8993 from 2.8892/8950 at Tuesday's close.
However, the local currency appreciated against the euro to 4.6025/6119 from 4.6078/6166 and rose against the British pound to 5.5217/5330 from 5.5335/5441 yesterday.
In addition, the local currency fell against Asean currencies.
It was marginally lower against the Singapore dollar to 3.2284/2353 from 3.2269/2334 at Tuesday's close and fell to 12.7749/8104 from 12.7412/7716 against the Thai baht.
The ringgit eased against the Indonesian rupiah to 273.5/274.2 from 273.1/273.7 yesterday and fell against the Philippine peso to 7.40/7.42 from 7.39/7.41. – Bernama
