The ringgit opened higher against the US dollar early this week as mixed global sentiment capped temporary gains for investors.
The situation came as investors assessed current political developments and movements in major currencies.
At 9:51 am, the ringgit was trading at 3.9230, up 0.56% against the US dollar since opening early Monday in the Asian session.
Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said that various global factors were shaping the foreign exchange market and expected the US dollar-ringgit to trade in the range of RM3.93 to RM3.95 today.
He also expected emerging market currencies, including the ringgit, to remain positive amid increasing uncertainty in the market.
According to Mohd Afzanizam, the Liberal Democratic Party (LDP)'s landslide victory in the Japanese election yesterday signaled that Prime Minister Sanae Takaichi would continue with further economic stimulus measures, thus affecting the Japanese yen.
At the open, the ringgit traded mixed against a basket of major currencies.
It weakened against the euro to 4.6630/6784 from 4.6508/6608, declined against the British pound to 5.3664/3841 from 5.3548/3663, but rose against the Japanese yen to 2.5075/5161 from 2.5111/5167 last Friday.
The ringgit also traded lower against ASEAN currencies.
It depreciated against the Singapore dollar to 3.1020/1125 from 3.0965/1034 and fell against the Thai baht to 12.5386/5887 from 12.4609/4933.
It was also almost flat against the Indonesian rupiah at 233.6/234.5 from 233.6/234.3 and unchanged against the Philippine peso at 6.73/6.75.
