The ringgit closed lower yesterday, snapping a three-day rally as profit-taking activities emerged, with investors opting to lock in early gains.
At 10.20am, the ringgit was at 4.2150, down 0.12% against the US dollar since it opened early Friday in Asian trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the ringgit had recorded a sharp rise early in the day, reaching 4.1860 in the morning session, before the USD/MYR pair moved lower to 4.2088 on the day.
He added that the domestic currency had broken through the psychological threshold of RM4.20 and profit-taking activities emerged.
The perception that the Fed may need to back off a bit in planning monetary policy easing also contributed to the weakness in the US dollar going forward.
Meanwhile, the ringgit opened stronger against other major currencies.
It rose to 4.9047/9175 against the euro from 4.9170/9234 at Thursday's close, rose to 2.8502/8578 against the Japanese yen from 2.8703/8742, and rose to 5.6953/7102 against the British pound from 5.7146/7220.
The local note traded mixed against its regional peers.
It strengthened to 3.2775/2866 against the Singapore dollar from 3.2849/2895, and rose to 12.9646/13.0069 against the Thai baht from 13.0004/0238.
It however eased to 261.2/262.0 against the Indonesian rupiah from 261.1/261.6, and was almost unchanged at 7.39/7.42 against the Philippine peso from 7.39/7.41.
