The ringgit opened lower on the strength of the US dollar despite rising against other major world currencies.
At 9am, the ringgit fell to 4.7190 against the USD from Monday's close of 4.7120.
According to the Chief Economist of Bank Muamalat Malaysia Bhd, Afzanizam Rashid said the elections in France and the United Kingdom (UK) seem to have given a boost to the US currency.
It is reported that the UK will hold elections this Thursday and the second round of French parliamentary elections will be held in July.
He also said that the US ISM Manufacturing Purchasing Managers' Index fell to 48.5 points in June lower than the consensus estimate of 49.2 points and the US Dollar Index (DXY) continued to be well supported.
The US presidential election in November is seen to remain the focus of the market following the presidential debate between Joe Biden and Donald Trump last Friday.
Accordingly, the ringgit maintained its tight range against the US dollar at around RM4.71 throughout the day.
Meanwhile, the ringgit is higher against a group of major currencies.
The local currency appreciated against the Japanese yen to 2.9216/2.9246 from 2.9254/2.9278 at Monday's close, rose against the British pound to 5.9653/5.9710 from 5.9706/5.9750 yesterday and improved against the euro to 5.06768.5 from 5.0682/5.0720.
On the other hand, the ringgit's performance was mixed compared to Asean regional peers.
The local currency rose against the Singapore dollar to 3.4750/3.4785 from 3.4772/3.4801 at yesterday's close and strengthened against the Thai baht to 12.8300/12.8464 from 12.8329/12.8481 previously.
However, it eased against the Philippine peso to 8.04/8.05 from 8.03/8.04 at Monday's close and eased against the Indonesian rupiah to 289.1/289.5 from 288.7/289.0.
