The ringgit rose against the US dollar in early trade today, driven by a weaker US Dollar Index (DXY) and a fall in US Treasury yields, indicating continued risk-off sentiment.
At 10.10am, the ringgit was at 4.2330, down slightly against the US dollar from its close of 4.2285 at Tuesday's close.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said market sentiment remained fragile amid heightened economic uncertainty.
Traders and investors will be keeping an eye on the US Federal Open Market Committee's (FOMC) assessment of the current economic situation ahead of its policy decision early Thursday morning.
He said the ringgit experienced profit-taking after its sharp rise against the US dollar yesterday, amid lingering uncertainty.
The ringgit also traded higher against a basket of major currencies at the open.
It rose against the Japanese yen to 2.9434/9564 from 2.9502/9556 at yesterday's close, rose against the euro to 4.7764/7968 from 4.7824/7909, and strengthened against the British pound to 5.6234/6475 from 5.6302/6402.
Similarly, the ringgit performed better against its Asean peers.
It appreciated against the Singapore dollar to 3.2674/2821 from 3.2749/2812, and rose against the Thai baht to 12.8922/9611 from 12.9399/9700.
The ringgit was also higher against the Philippine peso at 7.57/7.61 from 7.60/7.62, and strengthened against the Indonesian rupiah to 256.0/257.2 from 257.0/257.6.
