The ringgit continued its weakening trend since yesterday against the US dollar despite cautious market sentiment ahead of the United States (US) presidential election next week and the FOMC meeting.
At 10.15 am, the ringgit was at 4.3600 which is 0.09% lower against the USD than it closed at 4.3759 in yesterday's trade.
Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid said the US Dollar Index (DXY) remained high at 104,316 points as the market awaited the results of two important events next week, namely the presidential election and the FOMC meeting.
For now, market participants are likely to favor the US dollar and the ringgit is expected to remain weak.
However, the ringgit strengthened against a group of major currencies this morning.
It added against the Japanese yen to 2.8471/2.8515, compared to 2.8521/2.8545 at Monday's close, rose against the British pound to 5.6549/5.6634 from 5.6564/5.6610 and rose against the euro to 4.7145/4.7215 from 4.7159/4.7197 previously.
Meanwhile, the ringgit traded mixed against Asean currencies.
It strengthened against the Singapore dollar to 3.2955/3.3007 from 3.2979/3.3008 at Monday's close and was slightly higher against the Indonesian rupiah at 277.1/277.6 up from 277.2/277.6 previously.
The local currency remained unchanged against the Philippine peso at 7.48/7.49 unchanged from the previous close and eased against the Thai baht to 12.9015/12.9303 from 12.8780/12.88933.
