The ringgit opened higher against the US dollar as market sentiment remained cautious amid continued inconsistencies in US import tariff policies and the White House reportedly planning new tariffs on semiconductors and pharmaceuticals.
At 10.20am, the ringgit was at 4.4020, up 0.18% against the US dollar from its close of 4.4100 at the end of Monday's trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Afzanizam Rashid said the domestic and foreign tariff situation had made it difficult to assess the macroeconomic impact.
He added that the US Dollar Index (DXY) had fallen to 99.640 points, reflecting a shift in investor sentiment as the market sought alternative safe havens.
Given the weaker DXY, Afzanizam expects the ringgit to hover between RM4.40 and RM4.41 today.
The ringgit was also trading higher against several major currencies.
It rose against the Japanese yen to 3.0773/3.0868 from 3.0811/3.0855, strengthened against the euro to 4.9975/5.0122 from 5.0199/5.0267 and was marginally higher against the British pound to 5.8073/5.8244 from 5.8097/5.8176.
Meanwhile, local currencies were traded mixed against Asean currencies.
The ringgit strengthened against the Thai baht to 13.1182/13.1745 from 13.1481/13.1754 and rose against the Singapore dollar to 3.3494/3.3595 from 3.3506/3.3556.
It was little changed against the Indonesian rupiah at 262.5/263.5 from 262.6/263.2 and unchanged against the Philippine peso at 7.72/7.75 from 7.72/7.74.
