The ringgit opened unchanged against the United States (US) dollar today even as the US dollar index (DXY) was higher and it extended its fall in the morning trading session.
At 10.20 am, the ringgit was at 4.4770 which is 0.70% lower against the USD than it closed at 4.4450 on Wednesday.
Bank Muamalat Malaysia Bhd's chief economist, Afzanizam Rashid said the DXY moved higher to 106.58 points following the release of the US Consumer Price Index (CPI) report which met the expected figure.
He also said the two-year US Treasury yield fell by six basis points to 4.28% as expectations for an interest rate cut during the FOMC meeting in December had increased.
The ringgit is expected to remain weak in the near term.
Meanwhile, the ringgit traded higher against a group of major currencies.
It appreciated against the British pound to 5.6610/5.6864 from 5.6678/5.6736 at Wednesday's meeting, strengthened against the Japanese yen to 2.8642/2.8773 from 2.8692/2.8723 yesterday and rose against the euro to 4.7058/4.7269 from 4.7241/4.7289.
The ringgit also traded mixed compared to Asean currencies.
It rose against the Thai baht to 12.7424/12.8073 from 12.8235/12.8416 at yesterday's close and rose against the Singapore dollar to 3.3170/3.3321 from 3.3244/3.3280.
However, the local unit depreciated against the Philippine peso to 7.58/7.62 from 7.57/7.58 yesterday and depreciated against the Indonesian rupiah to 282.2/283.6 from 281.5/282.0 previously.
