The ringgit appreciated against the US dollar and other major currencies at the opening today, supported by positive sentiment ahead of the national budget presentation this Friday.
At 10.20am, the ringgit was at 4.2200, stable against the US dollar since it opened early Wednesday in the Asian session.
Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the USD/MYR pair was expected to trade in a narrow range, as the upcoming budget announcement is likely to offer more clarity on Malaysia's economic outlook.
He said the USD-MYR was expected to trade between RM4.21 and RM4.22 today.
At the opening, the ringgit was higher against a basket of major currencies.
It rose against the euro to 4.9030/9246 from 4.9135/9170, strengthened against the Japanese yen to 2.7663/7786 from 2.7938/7960, and appreciated against the British pound to 5.6465/6713 from 5.6620/6661.
Against ASEAN currencies, the local currency also traded higher.
It rose against the Thai baht to 12.9473/13.0115 from 12.9532/9688, strengthened against the Singapore dollar to 3.2520/2669 from 3.2587/2613, rose against the Philippine peso to 7.24/7.27 from 7.25/7.26 and strengthened against the Indonesian rupiah to 254.0/255.2 from 254.3/254.6
