The ringgit opened slightly lower against the US dollar early this week after recording a positive performance for the 12th consecutive session.
At 9:41am, the ringgit opened at 4.0500, down 0.12% against the US dollar since opening early Monday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid explained that the market is expected to move in a narrow range today due to a short trading week in conjunction with the New Year holiday.
He also expected the ringgit to be in the range of RM4.04-RM4.05 today.
At the opening, the ringgit was traded higher against other major currencies.
It rose against the Japanese yen to 2.5855/5948 from 2.5866/5909, strengthened against the euro to 4.7592/7757 from 4.7629/7706 and was unchanged against the British pound at 5.4570 from 5.4570/4657 last week.
The ringgit also traded higher against ASEAN currencies.
It rose against the Singapore dollar to 3.1474/1588 from 3.1497/1550 and gained against the Thai baht to 12.9913/13.0451 from 13.0212/0484.
It also rose against the Philippine peso to 6.88/6.91 from 6.89/6.90 and increased against the Indonesian rupiah to 241.3/242.4 from 241.6/242.2 previously.
