The ringgit opened lower against the US dollar as market participants looked forward to some important US economic data to be released this week to assess the health of the labor sector.
At exactly 10.15am, the ringgit was at 4.3730 which is 0.53% lower against the USD than it closed at 4.3550 on Monday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said profit-taking activities were taking place on a large scale following the recent sharp rise in the value of the ringgit.
The possibility of an interest rate cut in the United States in September is expected to continue to increase as the Federal Reserve (Fed) is on track to begin its monetary policy easing cycle.
He also said that USD/MYR will remain flat today as traders wait for important data to be announced this week.
Meanwhile, the ringgit traded higher against a group of major currencies.
The local currency rose against the Japanese yen to 2.9622/9699 from 2.9688/9725 on Monday, higher against the euro to 4.8121/8242 from 4.8197/8252 and strengthened against the pound to 5.7144/7288 from 5.7203/7269 previously.
Meanwhile, the ringgit traded mostly higher against Asean currencies.
The local currency strengthened against the Singapore dollar to 3.3266/3352 from 3.3321/3361 and rose against the Thai baht to 12.7183/7583 from 12.7228/7429 previously.
It rose against the Philippine peso to 7.71/7.73 from 7.72/7.73 yesterday, however, it was almost unchanged against the Indonesian rupiah to 280.0/280.9 from 280.4/280.9.
