The ringgit opened easier against the US dollar today as investors continued to favor safe-haven assets following the current more cautious economic outlook.
At 10.30am, the ringgit was stable at 4.7100 against the US dollar, the same as it closed last week.
Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid said the ringgit is expected to trade in a narrow range because the Federal Reserve (Fed) is likely to maintain its rate in the near term.
He said, the next Open Market Committee (FOMC) meeting will be held at the end of next month and there will be many options in setting the Fractional Flow Reserve (FFR).
Meanwhile, the ringgit opened higher against a group of major currencies.
It appreciated against the Japanese yen to 2.9497/2.9515 from Friday's close of 2.9648/2.9671, strengthened against the British pound to 5.9566/5.9598 from 5.9594/5.9638 and rose against the euro to 5.0386/5.0413 from 5.0394/5.0431 previously.
It is also mostly higher than its Asean peers.
The local note rose against the Thai baht to 12.8074/12.8191 from 12.8495/12.8639 last Friday and rose against the Singapore dollar to 3.4766/3.4787 from 3.4785/3.4814 previously.
