The ringgit opened lower against the US dollar today as market participants adopted a 'wait and see' approach ahead of the US Federal Open Market Committee's (FOMC) decision on interest rate cuts.
At 10.25am, the ringgit was at 4.2480 which is up 0.14% against the USD from its close of 4.2535.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said sentiments were mixed regarding the level of the US Federal Reserve's (Fed) potential rate cut today.
Meanwhile, the US Dollar Index (DXY) rose slightly by 0.24% to 101,002 points and the two-year US Treasury note yield rose 5.0 basis points to 3.60%.
He also said that the ringgit showed an encouraging performance against the US dollar as it continued to rise to the highest level in 20 months.
For now, the ringgit is trading mostly higher against a group of major currencies.
It strengthened against the British pound to 5.6088/6318 from Tuesday's close of 5.6240/6385 and rose against the Japanese yen to 3.0026/0152 from 3.0244/0324 yesterday, but depreciated against the euro to 4.7391/7585 from 4.7375/7498.
At the same time, local currencies traded mixed compared to Asean currencies.
It appreciated against the Singapore dollar to 3.2883/3021 from 3.2891/2979 on Tuesday and rose against the Thai baht to 12.7476/8064 from 12.7725/8105 yesterday.
However, it eased against the Philippine peso to 7.65/7.69 from 7.64/7.66 and fell against the Indonesian rupiah to 277.8/279.1 from 277.3/278.2 previously.
