The ringgit started trading on Tuesday with a little lackluster after it opened lower against the US dollar as the market was still waiting for more indicators such as the first quarter GDP report which is now looking to get further steps on interest rates this year.
Additionally, the US Personal Consumption Expenditure (PCE) data to be released on April 26 and the S&P manufacturing and services Purchasing Managers' Index for April will be announced at 9.45pm tonight.
At exactly 9 this morning, the ringgit fell to 4.7780 against the US dollar from 4.7750 at the end of yesterday's trading.
Bank Muamalat Malaysia Bhd Economist, Dr Mohd Afzanizam Abdul Rashid said the data to be announced in the US Federal Open Market Committee (FOMC) meeting next week will affect sentiment in the foreign exchange market.
He also said that the price of Brent crude oil increased slightly to $87 per barrel following the war crisis in the Middle East which is easing and the US Dollar Index remained high in the range of 106,088 points.
For that reason, the USD/MYR foreign exchange rate is projected to remain stable at the current level.
Meanwhile, the ringgit is trading low compared to other major currency groups.
The ringgit was lower against the Japanese yen to 3.0868/0889 from 3.0852/0877 at the end of yesterday's trade, fell against the British pound to 5.9027/9064 from 5.8938/8981 while against the euro, the local unit contracted to 5.0929/0961 from 5.0859/0896 previously.
In the meantime, the ringgit is also trading low compared to Asean currencies.
It rose against the Thai baht to 12.8891/9021 from 12.9044/9198 but eased against the Singapore dollar to 3.5094/5118 from 3.5041/5069.
The ringgit was also slightly lower against the Philippine peso to 8.30/8.32 from 8.29/8.31 and down against the Indonesian rupiah at 294.1/294.6 from 293.9/294.4.
