The ringgit opened higher for the fourth consecutive day against the US dollar as investors reassessed their positions following the release of weaker US economic data.
At 10.20am, the ringgit was at 4.4990, unchanged from its opening level against the USD compared to its closing at 4.5005.
Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid said the market remained mixed as the prospect of high inflation was seen with measures to be introduced by the incoming US administration being seen as inflationary.
The US Dollar Index continued to decline to 108.957 points while the 10-year US Treasury yield fell four basis points to 4.61%, indicating market participants expected the US Federal Reserve (Fed) to maintain its monetary easing stance as planned.
He added that the latest economic data also supported such views with US December retail sales coming in at 0.4% month-on-month, lower than the consensus estimate of 0.6%.
Meanwhile, the ringgit opened higher against major currencies.
It strengthened against the euro to 4.6247/4.6402 from yesterday's close of 4.6283/4.6329 and rose against the Japanese yen to 2.8889/2.8990 from 2.8914/2.8945, but it weakened against the British pound at 5.49126/5.5110 on Thursday. 5.4888/5.4943.
Similarly, the local currency traded higher against its Asean counterparts.
It rose against the Singapore dollar to 3.2841/3.2955 from 3.2906/3.2941 at Thursday's close and was higher against the Philippine peso at 7.66/7.69 from 7.68/7.69 recorded yesterday.
The local currency also appreciated against the Indonesian rupiah at 274.1/275.2 from 274.7/275.2 at yesterday's close. However, it depreciated against the Thai baht to 12.9795/13.0315 from 12.9941/13.0127 at Thursday's close.
