The ringgit opened slightly lower against the US dollar as investors shifted their focus to the US economic data to be announced.
This maintained confidence that the Federal Reserve (Fed) is expected to continue cutting interest rates by 25 basis points after its two-day meeting ended tonight.
At 10:03 am, the ringgit opened at 4.1180, down 0.12% against the US dollar since opening early Wednesday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Mohd Afzanizam Abdul Rashid explained that the US Dollar Index (DXY) rose 0.13% to 99.220 following mixed labour market data.
He also stated that the market expects the US Federal Open Market Committee (FOMC) to cut interest rates by 25 basis points on Wednesday.
Meanwhile, the ringgit is expected to remain stable despite trading in a narrow range between RM4.11 and RM4.12.
At the open, the ringgit strengthened against other major currencies.
It rose against the British pound to 5.4729/4875 from 5.4863/4943 yesterday, rose against the euro to 4.7838/7966 from 4.7900/7970 and gained against the Japanese yen to 2.6236/6307 from 2.6332/6373.
The ringgit also traded lower against ASEAN currencies.
It declined against the Singapore dollar to 3.1719/1807 from 3.1705/1753 and fell against the Indonesian rupiah to 246.6/247.4 from 246.4/246.9.
It also weakened against the Thai baht to 12.9225/9680 from 12.9172/9413 and depreciated against the Philippine peso to 6.95/6.97 from 6.94/6.96 previously.
