The ringgit opened lower against the US dollar today as investors remained cautious about the Federal Reserve (Fed) rate cut forecast in the near term.
At 10.00 am, the ringgit was at 4.4710, down 0.04% against the USD from its close of 4.4685 at the end of trading on Wednesday.
Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid said market sentiment remained uncertain regarding the trajectory of US interest rate cuts given the policies of the US President Donald Trump's second term which is expected to influence market sentiment.
The US Dollar Index (DXY) continued to remain high at around 106 points in the absence of important US economic data.
In the local market, the ringgit recorded a slight increase yesterday against the US dollar but made a big increase against Asian currencies.
Meanwhile, the ringgit was traded higher against a group of major currencies.
It rose against the British pound to 5.6568/6694 from 5.6620/6690 at the close on Wednesday and appreciated against the euro to 4.7136/7242 from 4.7178/7236 yesterday.
However, it fell against the Japanese yen to 2.8785/8853 from 2.8696/8733 previously.
The local unit traded lower against its Asean currencies.
It was marginally lower against the Indonesian rupiah at 281.6/282.4 from 281.5/282.0 yesterday, fell against the Singapore dollar to 3.3291/3368 from 3.3290/3333 and fell against the Thai baht to 12.8997/93887 from 12.9885 previously.
However, it was almost flat against the Philippine peso at 7.58/7.60 from 7.58/7.59 at Wednesday's close.
