The ringgit opened flat against the US dollar on Tuesday as investors sidelined the market amid cautious sentiment ahead of the Federal Open Market Committee (FOMC) meeting early Thursday morning.
At 10.10am, the ringgit was at 4.2400, unchanged since opening against the US dollar from its close of 4.2370 late Monday.
Bank Muamalat Malaysia Bhd Chief Economist Dr Afzanizam Rashid said market sentiment was likely to remain in a cautious mode as investors await the latest assessment by the US Federal Reserve (Fed) given the current global geopolitical developments.
Market attention will now shift to the FOMC meeting early Thursday morning.
Accordingly, the ringgit is expected to remain unchanged as the market awaits the latest assessment by the Fed on current developments.
At the opening, the ringgit was traded higher against a basket of major currencies.
It rose against the Japanese yen to 2.9266/2.9346 from 2.9397/2.9455 at Monday's close, strengthened against the British pound to 5.7461/5.7611 from 5.7555/5.7664, and rose against the euro to 4.8926/4.9053 from 4.9077/4.9170 previously.
Meanwhile, the ringgit was mostly unchanged against its Asean counterparts.
It was at 260.4/261.2 against the Indonesian rupiah and was steady at 7.51/7.53 against the Philippine peso.
However, it rose against the Singapore dollar to 3.3058/3.3149 from 3.3102/3.3167 at yesterday's close, but it fell against the Thai baht to 13.0463/13.0866 from 13.0389/13.0696.
