At 9am, the local currency stood at 4.6295/4.6335 against the greenback from yesterday’s close of 4.6290/4.6315.

ActivTrades trader Dyogenes Rodrigues Diniz said the employment data from the US came in above expectations, sparking off a decline in the greenback. Nonetheless, it was still relatively low in absolute terms at 208,000 actual versus the forecast of 200,000, he added.

The data is a measure of the change in employment across large US private sector companies so it is an indicator that is considered by many to be a preview of the all-important non-farm payroll.

“From a technical point of view, the dollar-ringgit position is in a very important region of resistance and a bearish trend could begin soon,” he added.

Meanwhile, SPI Asset Management managing partner Stephen Innes said the decision by the Organization of the Petroleum Exporting Countries and its allies to cut production could stabilise the local note.

“The increase in oil prices following the announcement of large production cuts could help stabilise the ringgit after a wobbly period.

“We are also looking for a period of consolidation ahead of the US non-farm payroll data and Budget 2023 tabling tomorrow,” he told Bernama.

In the meantime, the ringgit traded mostly higher against a basket of major currencies.

The local note rose against the British pound to 5.2614/5.2660 from 5.2706/5.2734 at yesterday’s close, was up against the Japanese yen to 3.2016/3.2046 from 3.2037/3.2056 and improved vis-a-vis the euro to 4.5901/4.5941 from 4.5966/4.5991 previously.

However, it eased against the Singapore dollar to 3.2545/3.2578 from 3.2500/3.2522 yesterday.