The ringgit opened slightly higher against the US dollar as traders took a wait-and-see approach ahead of the Federal Open Market Committee (FOMC) meeting which is expected to cut interest rates.
At 10:41am, the ringgit was at 4.1270, up 0.07% against the US dollar since opening early Wednesday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid explained that the ringgit is expected to continue moving in a narrow range today due to the lack of new catalysts.
He also noted that the US Dollar Index (DXY) declined 0.06% to 99.357 points, in line with more than 90% expectations that the Federal Reserve (Fed) will cut interest rates.
At the opening, the ringgit was trading higher against several major currencies.
It rose against the euro to 4.7907/8024 from 4.7916/8038 yesterday, rose against the British pound to 5.4466/4599 and strengthened against the yen to 2.6451/6517 from 2.6545/6616.
The ringgit was also mixed against ASEAN currencies.
It strengthened against the Thai baht to 12.8625/6517 from 12.8868/9296 and gained against the Singapore dollar to 3.1788 from 3.1836/1919.
However, it fell against the Indonesian rupiah to 247.8/248.5 from 247.6/248.4 and was unchanged against the Philippine peso at 7.04/7.06 from 7.05/7.07 yesterday.
