The ringgit remains stable at current levels against the US dollar amid more cautious global risks as investors move to emerging currencies.
At 10.15am, the ringgit was at 4.3250 against the USD, which is unchanged since it closed on Tuesday.
Bank Muamalat Malaysia Sdn Bhd Chief Economist, Dr Afzanizam said the ringgit is expected to move flat against the USD at a time when the market is risk averse among investors.
The US Dollar Index (DXY) continued its rise by rising 0.05% to 104.06 points.
Meanwhile, the World Economic Outlook shows that the International Monetary Fund (IMF) has reduced its 2025 global GDP forecast by 0.1% to 3.2% due to geopolitical risks and trade protectionism as the main drivers of the forecast revision.
The market became under control when approaching the presidential election of the United States (US) on November 5, especially in the area related to trade policy by Donald Trump.
During the opening session, the ringgit traded mostly higher against a basket of major currencies.
It rose against the Japanese yen to 2.8588/8692 from 2.8668/8704 at Tuesday's close, strengthened against the euro to 4.6683/6850 from 4.6785/6839 yesterday, but eased against the British pound to 5.6115/6316 from 5.6097/6162 previously.
Local currencies are also trading mostly higher than Asean currencies.
It appreciated against the Thai baht to 12.8924/12.9440 from 12.9089/9300 on Tuesday, rose against the Indonesian rupiah to 277.7/278.9 from 277.8/278.3 yesterday and rose against the Singapore dollar to 3.2846/2966 from 3.2879/2919 previously.
Meanwhile, the local currency was almost unchanged against the Philippine peso at 7.47/7.50 from 7.47/7.49 previously.
