The ringgit opened slightly higher against the US dollar following the US Federal Reserve's (Fed) stance indicating that they are in no rush to cut interest rates.
At 10.15am, the ringgit was at 4.4629, up 0.16% against the USD from its closing of 4.4680 at the end of Monday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the Dollar Index (DXY) fell 0.37% to 107.922 points as US Fed Chairman Jerome Powell reiterated the Fed's stance not to rush into a decision to cut policy rates.
He added that the broad direction is to reduce the Fed Funds Rate as it is a matter of timing and the level of policy setting. This sentiment will continue to support the ringgit at current levels.
Policy uncertainty on tariffs will keep the currency market, including the ringgit, in a tight range.
Meanwhile, the ringgit is trading lower against major currencies.
It depreciated against the British pound to 5.5602/5689 from 5.5430/5492 and depreciated against the euro to 4.6281/6354 from 4.6128/6179 previously.
However, it appreciated against the Japanese yen to 2.9233/9281 from 2.9352/9387 at Monday's close.
The local note traded mostly higher against its Asean counterparts.
The ringgit strengthened against the Indonesian rupiah to 272.5/273.1 from 273.1/273.5, rose against the Philippine peso to 7.67/7.69 from 7.69/7.70 and rose against the Thai baht to 13.1060/1369 from 13.1768/1986.
It fell against the Singapore dollar to 3.3011/3067 from 3.3006/3048 on Monday.
