The ringgit strengthened to RM4.19 against the US dollar when it opened on Tuesday, driven by a lower-than-expected Malaysian Consumer Price Index (CPI) and the Fed's interest rate cut of 50 basis points.
The ringgit's current support level is now placed at RM4.07.
At exactly 10.45am, the ringgit was at 4.1880 which is 0.29% stronger against the USD than it closed at 4.2000 on Monday.
The Chief Economist of Bank Muamalat Malaysia Bhd, Dr Afzanizam said the ringgit is expected to remain well supported today as the CPI data released yesterday showed that the inflation rate has stabilized by easing to 1.9%.
This sentiment will encourage Bank Negara Malaysia to maintain its current monetary policy stance which is deemed to support current economic growth.
He also said that the situation is positive for the ringgit because the difference between US and Malaysian interest rates will narrow after this.
Meanwhile, the ringgit is trading lower against a group of major currencies.
The local currency eased against the euro to 4.6661/6727 from 4.6645/6712 at yesterday's close, and fell against the British pound to 5.6059/6139 from 5.5805/5885.
The ringgit was also lower against the Japanese yen to 2.9253/9298 from 2.9238/9282.
The local note traded stable against the currencies of Asean countries.
The domestic unit fell against the Thai baht to 12.7439/7695 from 12.7203/7451 at Monday's close, and was lower against the Singapore dollar to 3.2532/2581 from 3.2503/2552.
The ringgit was stable against the Philippine peso at 7.50/7.52 since Monday and it was unchanged against the Indonesian rupiah at 276.1/276.7.
