The ringgit opened slightly higher against the US dollar on Wednesday as the greenback weakened following weaker US (US) economic data.
At 10am, the ringgit was at 4.1980, down 0.05% against the US dollar since it opened early Wednesday in Asian trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said flash data on the US Composite Purchasing Managers' Index (PMI) fell to 53.6 in September from 54.5 in the previous month.
The survey showed that US firms are facing rising costs from higher import tariffs, while weak demand is limiting their ability to pass on costs to consumers.
Amid mixed signals, the US Dollar Index (DXY) fell 0.12 per cent to 97.225.
Mohd Afzanizam added that US Federal Reserve (Fed) Chairman Jerome Powell suggested there was no risk-free path in meeting the Fed's dual mandates of maximum employment and price stability.
As such, the ringgit is expected to remain in a tight range, with the ringgit-US dollar likely to fluctuate around RM4.19 to RM4.21.
At the opening, the ringgit was mostly lower against a basket of major currencies.
It rose to 2.8438/8480 against the Japanese yen from 2.8441/8453 at Tuesday's close, but eased to 5.6743/6824 against the British pound from 5.6701/6721 and fell to 4.9572/9642 against the euro from 4.9572/9642.
However, the local currency was stronger against ASEAN currencies.
It rose to 3.2697/2746 against the Singapore dollar from 3.2724/2738, rose to 13.1577/1836 against the Thai baht from 13.1900/2001, strengthened to 251.4/251.9 against the Indonesian rupiah from 251.5/25 and 7.32/7.34 against the Philippine peso from 7.33/7.33.
