Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was expected to trade within the RM4.19 to RM4.21 range as profit-taking activities may emerge following the stronger performance of the US Dollar Index (DXY).

“The DXY was up 0.49% to 97.348 points, supported by record highs in US equities, while US Treasury yields declined,” he told Bernama.

He noted that yesterday, the ringgit had depreciated by 0.21% against the greenback to RM4.197, staying below the RM4.20 psychological level, although it briefly touched RM4.2013 during mid-day.

At 8am, the local note stood at 4.1865/4.2100 against the greenback compared with yesterday’s close of 4.1945/4.1995.

However, at 8.09am, the ringgit had eased to 4.2005/4.2105.

At the opening, the ringgit was higher against a basket of major currencies.

It strengthened versus the Japanese yen at 2.8297/2.8457 from 2.8484/2.8520 at yesterday’s close, improved to 5.6744/5.7062 against the British pound from 5.7238/5.7306 and was higher vis-a-vis the euro to 4.9355/4.9632 from 4.9654/4.9714 previously.

The local note was also firmer against Asean currencies

It appreciated versus the Singapore dollar at 3.2661/3.2847 from 3.2800/3.2842, increased against the Thai baht at 13.1209/13.2037 from 13.1903/13.2114 yesterday, rose to 253.3/254.8 against the Indonesian rupiah from 253.7/254.2 and firmer vis-a-vis the Philippine peso at 7.33/7.38 compared with yesterday’s 7.35/7.36.