The ringgit opened steady against the United States (US) dollar this morning, amid uncertainty ahead of the US election that caused investors to remain more cautious about risky assets.
At 8am, the ringgit was at 4.3755/4.3805, unchanged from yesterday's close.
Concerns over the intense US election resulted in investors mounting caution with the potential for higher price swings.
Strong US inflation data in September lowered expectations of an interest rate cut by the US Federal Reserve (Fed), adding further pressure to the ringgit.
US inflation is now at 2.1%, at its lowest level since early 2021 nearing the Fed's 2% target.
In the meantime, the ringgit faced its biggest decline since 2015, falling more than 6% during October due to investor risk aversion ahead of the US election and the re-correction of the ringgit after a 14% rise in the last quarter.
Ringgit traded mixed against major currencies.
It rose against the British pound to 5.6422/5.6487 from 5.6877/5.6942, but eased against the Japanese yen to 2.8786/2.8821 from 2.8591/2.8625.
The ringgit also fell against the euro at 4.7619/4.7673 from 4.7430/4.7485 previously.
Among Asean currencies, the ringgit also traded lower mostly.
The local currency was seen depreciating against the Indonesian rupiah at 278.7/279.1 from 278.5/279.0 and against the Singapore dollar at 3.3150/3.3193 from 3.3080/3.3120 yesterday.
