The ringgit rose higher against the US dollar this morning, boosted by cautious sentiment ahead of the inauguration of US President Donald Trump.
At 10.10am, the ringgit was at 4.4960, recovering 0.18% against the USD from 4.5040 at Friday's close.
Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid said the ringgit was likely to trade in a range today, likely to hover around RM4.5000.
Market participants are increasingly concerned about what Donald Trump has announced during his manifesto.
He added that attention will be focused on the new administration's directives, which are likely to include mass deportations of illegal immigrants, deregulation of industries and import tariffs.
In addition, the expected tariff measures could trigger inflation, potentially prompting a hawkish stance from the US Federal Reserve (Fed).
At the opening, the ringgit also strengthened against other major currencies.
It rose against the euro to 4.6290/4.6367 from Friday's close of 4.6382/4.6429, appreciated against the British pound to 5.4816/5.4908 from 5.4953/5.5008 and edged higher against the Japanese yen to 2.8802/2.8852 from 2.8918/2.8949.
The local currency also advanced against its Asean regional peers.
It rose against the Thai baht to 13.0504/13.0850 from 13.0664/13.0856, was little changed against the Indonesian rupiah at 274.8/275.4 from 274.9/275.3, rose against the Singapore dollar to 3.2926/3.2986/3.2986 from 3.2926/3.2986 and was almost flat against the Philippine peso at 7.68/7.70 from Friday's 7.68/7.69.
