The ringgit opened flat against the US dollar on Wednesday, amid cautious market sentiment ahead of US Federal Reserve Chairman Jerome Powell's speech in Jackson Hole this Friday.
At 10am, the ringgit was at 4.2280, down 0.17% against the US dollar since it opened early Wednesday in Asian trading.
Bank Muamalat Malaysia Bhd chief economist Dr Afzanizam Rashid said the US Dollar Index (DXY) fluctuated from a low of 97.95 to a high of 98.29 points, with market players adopting a cautious stance ahead of Powell's speech.
Market participants are looking for clues on the Fed's stance on monetary policy and how it will shape their decision at the upcoming Federal Open Market Committee (FOMC) meeting on September 16-17.
The market is pricing in a higher probability of a 25 basis point cut.
Meanwhile, the Jackson Hole Economic Policy Symposium to be held on August 21-23 will be the next focus for investors.
For now, the ringgit opened higher against a basket of major currencies, except the Japanese yen where it eased to 2.8578/2.8718 from Tuesday's close of 2.8572/2.8601.
It rose against the British pound to 5.6923/5.7199 from 5.7066/5.7120 yesterday and rose against the euro to 4.9147/4.9385 from 4.9307/4.9354 previously.
At the same time, the local currency was traded mixed against other Asean currencies.
It rose against the Singapore dollar to 3.2844/3.3007 from 3.2901/3.2935 at Tuesday's close and strengthened against the Thai baht to 12.9498/13.0195 from 12.9848/13.0027 yesterday.
The ringgit was unchanged against the Philippine peso at 7.39/7.43 from 7.39/7.40 yesterday, as well as against the Indonesian rupiah, where it stood at 259.8/261.2 from 259.8/260.2 on Tuesday.
