At 9.02am, the local note stood at 4.3940/3980 versus the greenback from yesterday’s close of 4.4030/4060.

Bank Islam Malaysia chief economist Afzanizam Abdul Rashid said the yield on the 10-year treasury note, which fell four basis points to 2.84%, should offer the beleaguered ringgit some relief today.

“Investors are seeking shelter against market volatility,” he told Bernama.

The US Dollar Index (DXY) was also down by 1.05% at 102.724 points, making the ringgit more attractive for market players.

However, on another note, Afzanizam said the earnings guidance among Wall Street firms suggests more reasons for investors to pile into the US dollar.

“Rising inflation and supply chain disruption are the common issues cited that make profit outlook in the near term challenging,” he added.

The ringgit was, however, traded mostly lower against a basket of major currencies.

It depreciated against the Singapore dollar to 3.1831/1863 from yesterday’s close of 3.1752/1778, decreased vis-a-vis the euro to 4.6480/6522 from 4.6223/6254, and slid versus the British pound to 5.4771/4821 from 5.4584/4621.

However, the ringgit appreciated versus the Japanese yen to 3.4385/4419 from 3.4495/4524.