The ringgit opened lower against the United States (US) dollar today as investors remain cautious about the Federal Reserve's (Fed) rate cut projections in the near term.
At 10.00 am, the ringgit was at 4.4710 which is 0.04% lower against the USD than it closed at 4.4685 at the end of trading on Wednesday.
Bank Muamalat Malaysia Bhd's Chief Economist, Mohd Afzanizam Abdul Rashid said market sentiment remains uncertain regarding the trajectory of US interest rate cuts given the policies of President Donald Trump who will be elected in the US and affect market sentiment.
The US Dollar Index (DXY) continued to remain high at around 106 points in the absence of important US economic data.
In the local market, the ringgit recorded a slight increase yesterday against the US dollar but made a big improvement against the Asian currencies.
Meanwhile, the ringgit traded higher against a group of major currencies.
It rose against the British pound to 5.6568/6694 from 5.6620/6690 at Wednesday's close and added value against the euro to 4.7136/7242 from 4.7178/7236 yesterday.
However, it eased against the Japanese yen to 2.8785/8853 from 2.8696/8733 previously.
The local unit is trading low against Asean currencies.
It was marginally lower against the Indonesian rupiah at 281.6/282.4 from 281.5/282.0 yesterday, eased against the Singapore dollar to 3.3291/3368 from 3.3290/3333 and fell against the Thai baht to 12.8997/93887 from 12.9885 from earlier.
However, it was almost flat against the Philippine peso at 7.58/7.60 from 7.58/7.59 at Wednesday's close. – Bernama
