The ringgit opened lower against the US dollar in early trading on Friday following falling oil price sentiment and profit-taking activity after recent highs.
At 10.30am, the ringgit was at 4.1930, up 0.29% since opening against the US dollar from where it closed at 4.2025 on Thursday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said the resistance level was targeted at RM4.0728 at the time of the favorable performance after the 50 basis point interest rate cut by the Fed.
He also said that the latest market projections put the US federal funds rate (FFR) at 4.4% at the end of this year and will support the ringgit's position more aggressively.
Meanwhile, the ringgit traded lower against a group of major currencies except the euro, rising to 4.6975 from 4.6976 at Thursday's close.
It fell against the British pound to 5.5879/6145 from yesterday's close of 5.5822/5928 and weakened against the Japanese yen to 2.9465/9609 from 2.9442/95008.
Local notes traded mixed against Asean currencies.
It rose against the Singapore dollar to 3.2565/3725 from 3.2567/2632 at Thursday's close and rose against the Thai baht to 12.6960/7633 from 12.6983/7294 yesterday.
However, the ringgit eased against the Philippine peso to 7.57/7.61 from 7.55/7.58 on Thursday and fell against the Indonesian rupiah to 276.2/277.7 from 275.7/276.4 previously.
