The ringgit closed slightly lower against the US dollar as investors opted for a cautious approach and monitored current economic developments.
At 10:21 am, the ringgit opened at 4.0540, down 0.05% against the US dollar since opening early Wednesday in the Asian session.
Bank Mualamat Malaysia Bhd Chief Economist, Dr Mohd Afzanizam Abdul Rashid explained that risk aversion sentiment continued to affect global financial markets following ongoing concerns over US tariffs and geopolitical tensions.
He also noted that the US Dollar Index (DXY) declined 0.83% to 98.570 points, potentially providing some boost to the ringgit.
Meanwhile, the ringgit is expected to trade in a narrow range of around RM4.05 to RM4.06 today.
At the opening, the ringgit was traded higher against other major currencies.
It rose against the Japanese yen to 2.5615/5648 from 2.5696/5729 yesterday, rose slightly against the British pound to 5.4462/4529 from 5.4618/4686 and remained stable against the euro to 4.7516/7574 from 4.7530/7588.
The ringgit also traded stronger against its ASEAN currencies.
It rose against the Singapore dollar to 3.1557/1598 from 3.1602/1646 yesterday and strengthened against the Indonesian rupiah to 238.7/239.4 from 239.0/239.4.
However, it depreciated against the Thai baht to 13.0566/0824 from 13.0397/0629 and remained unchanged against the Philippine peso at 6.81/6.83.
