The ringgit opened slightly lower against the US dollar, on expectations of an interest rate cut after weaker-than-expected US economic data.
At 10:20am, the ringgit was at 4.1310, down 0.10% against the US dollar since opening early Tuesday in Asian trading.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid explained that most survey respondents were concerned about rising operating costs due to import tariffs, thus reconsidering hiring.
He also noted that the Institute for Supply Management (ISM) Manufacturing Index fell to 48.2% in November, below the consensus estimate of 49.0%, indicating weakening business sentiment.
Meanwhile, the ringgit is expected to trade at RM4.12-RM4.13 against the US dollar today, as investors remain cautious ahead of the Federal Open Market Committee (FOMC) meeting.
At the open, the ringgit traded higher against other major currencies.
It rose against the British pound to 5.4528/4667 from 5.4644/4730 yesterday, and rose against the euro to 4.7916/8038 from 4.7995/8070.
However, it declined against the yen to 2.6545/6616 from 2.6594/6637 previously.
The ringgit was also mixed against ASEAN currencies.
It rose against the Singapore dollar to 3.1836/1919 from 3.1880/1932 and rose against the Indonesian rupiah to 247.6/248.4 from 247.8/248.3.
It also increased against the Thai baht to 12.8868/9296 from 12.9026/9290 and was unchanged against the Philippine peso at 7.05/7.07.
