The ringgit opened higher against the US dollar, amid the US government shutdown and trade tensions with China.
At 10am, the ringgit was at 4.2220, up 0.05% against the US dollar since it opened early Tuesday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said the US dollar index (DXY) remained resilient, hovering around 98.532 points, slightly lower than yesterday's close of 98.586 points.
From a technical perspective, the ringgit is already in an oversold position, suggesting upside potential for the ringgit to rise.
Thus, he expected the US dollar to remain in a narrow range of 4.21 to 4.22 today.
Meanwhile, Mohd Afzanizam said the market would be in a cautious mode, as investors watch the meeting between US President Donald Trump and Chinese President Xi Jinping next week.
He opined that market sentiment may be cautious about the outcome of the meeting, as China's decision not to buy soybeans from the US will hurt American farmers.
At the open, the ringgit was trading higher against a basket of major currencies.
The local note rose against the British pound to 5.6522/6703 from 5.6741/6788 at Friday's close, rose against the euro to 4.9110/9267 from 4.9421/9462 and appreciated against the Japanese yen to 2.7966/8058 from 2.82418 previously.
However, the ringgit was mostly higher against its ASEAN peers.
It rose against the Singapore dollar to 3.2595/2702 from 3.2635/2665 at Friday's close and rose against the Indonesian rupiah to 254.3/255.3 from 254.6/254.9.
The local currency was slightly higher against the Philippine peso to 7.25/7.27 from 7.26/7.27, but weaker against the Thai baht to 12.9543/13.0030 from 12.9301/9471.
