The ringgit opened higher against the United States (US) dollar this morning, supported by stronger Brent crude oil prices which passed $80 per barrel.
At 10.25am, the ringgit was at 4.2830 which is 0.14% lower against the US dollar than it closed at 4.2810 on Monday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam expects the ringgit to remain weak as tensions in the Middle East have not yet subsided.
At the same time, higher US Treasury bond yields sent mixed signals for the local currency.
He also said that the military conflict in the Middle East will trigger a risky market mode. On the other hand, strong US jobs data suggests that the US economy remains resilient which calls for a more lenient approach to monetary easing.
Meanwhile, the ringgit is also traded higher than other major currencies.
It rose against the euro to 4.6738/7040 from 4.6920/6996 at Monday's close, rose against the Japanese yen to 2.8750/8937 from 2.8857/8909 yesterday and rose against the British pound to 5.5725/6085 from 5.5953/6044 previously.
Local currencies also performed better than Asean currencies.
It appreciated against the Singapore dollar to 3.2661/2874 from 3.2832/2888 at the previous close and strengthened against the Indonesian rupiah to 271.4/273.3 from 272.8/273.4 yesterday.
The ringgit also rose against the Thai baht to 12.7153/8108 from 12.7948/8218 at Monday's close and rose against the Philippine peso to 7.50/7.55 from 7.54/7.55 previously.
