The ringgit opened slightly lower against the US dollar at the start of the week, although positive developments in the country's fiscal position continue to provide underlying support for the strengthening of the local currency.
At 10:12 am, the ringgit opened at 4.0750, down 0.02% 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 expectations of easing US monetary policy remain a driver for the ringgit's rise.
He also stressed that the ringgit is currently overbought, signaling that investors may take the opportunity to take profits in the near term.
The excellent performance recorded by the ringgit against the US dollar in recent times is expected to continue to influence the market dynamics today.
At the opening, the ringgit was traded higher against other major currencies.
It rose against the Japanese yen to 2.5839/5912 from 2.5909/5940, rose against the British pound to 5.4489/4636 from 5.4514/4574 and rose against the euro to 4.7691/7820 from 4.7715/7767 previously.
The ringgit was also mixed against its ASEAN counterparts.
It strengthened against the Singapore dollar to 3.1505/1595 from 3.1515/1553 and rose slightly against the Indonesian rupiah to 243.1/243.9 from 243.2/243.6.
However, it depreciated against the Thai baht to 12.9643/13.0060 from 12.9428/9620 and appreciated against the Philippine peso to 6.93/6.96 from 6.94/6.95.
