Cautious market sentiment and lack of local catalysts have caused the ringgit to trade more easily against the US dollar at the opening today.
At 10.20am, the ringgit was at 4.4670, down 0.59% against the US dollar from its close of 4.4410 last Thursday.
Bank Muamalat Malaysia Bhd Chief Economist Afzanizam Rashid said traders and investors were cautious ahead of tonight's release of US Personal Consumption Expenditures (PCE) inflation data, which is the Fed's preferred inflation gauge.
He added that the ringgit could remain weak today, with the USD/MYR pair likely to hover around its immediate resistance level of RM4.45.
Despite Malaysia's strong economic fundamentals, he stressed that the lack of local catalysts has affected demand for the ringgit.
Meanwhile, the ringgit was mostly traded higher against major currencies.
It was higher against the British pound to 5.6090/5.6317 from 5.6303/5.6392 and improved against the euro to 4.6284/4.6472 from 4.6559/4.6633, but lower against the Japanese yen at 2.9657/2.9639.
The local currency traded mixed against Asean currencies.
It appreciated against the Singapore dollar to 3.3015/3.3153 from 3.3122/3.3177 and rose against the Thai baht to 13.0636/13.1241 from 13.0964/13.1240.
It fell against the Philippine peso to 7.69/7.73 from yesterday's close of 7.67/7.69 and fell against the Indonesian rupiah to 270.5/271.8 from 269.8/270.4.
