The ringgit opened slightly weaker against the US dollar on Tuesday, weighed down by profit-taking as the US Dollar Index (DXY) rose 0.73% to 98.430.
At 10.15am, the ringgit was at 4.2100, down 0.12% against the US dollar from its close of 4.2045 at the end of Monday's trading.
Bank Muamalat Malaysia Bhd chief economist Dr Afzanizam Rashid said traders remained cautious on how the US Fed would react to Friday's Personal Consumption Expenditures (PCE) price index, which is expected to remain at 2.6% in July, based on consensus estimates.
USD/MYR could see similar moves as traders may look to lock in profits.
The ringgit is likely to trade between 4.20 and 4.23 against the dollar today, as the market remains cautious ahead of Friday's PCE report.
Meanwhile, the ringgit is trading higher against a basket of major currencies.
It strengthened against the euro to 4.8859/4.8969 from 4.9163/4.9233 at Monday's close, rose against the Japanese yen to 2.8467/2.8533 from 2.8534/2.8577, and strengthened against the British pound to 5.66723/5.6721 from 5.6740/5.6821.
The local note was mixed against Asean currencies.
It was little changed against the Singapore dollar at 3.2714/3.2790 from 3.2761/3.2810 and was almost unchanged against the Philippine peso at 7.41/7.44 from 7.41/7.43.
However, it appreciated against the Thai baht to 12.9437/12.9805 from 12.9561/12.9801 but depreciated against the Indonesian rupiah to 258.7/259.5 from 258.5/259.1.
