The domestic unit, however, was little changed against the US dollar as investors adopted a wait-and-see stance ahead of the Federal Open Market Committee’s (FOMC) third meeting of the year, an analyst said.

At 8.18am, the local currency stood at 3.9505/3.9550 against the greenback, compared with 3.9505/3.9545 at Monday’s close.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit was expected to trade within a narrow range today amid cautious market sentiment.

“Traders and investors will be observing the latest assessment by the FOMC members when they conclude their two-day meeting on April 29,” he added.

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

It rose against the British pound to 5.3482/5.3543 from 5.3525/5.3580 at Monday’s close, was higher against the Japanese yen to 2.4791/2.4821 from Monday’s 2.4810/2.4837, and eased against the euro to 4.6316/4.6368 from Monday’s 4.6387/4.6434.

The local currency traded mostly higher against Asean peers.

It went up against the Singapore dollar to 3.1011/3.1051 from 3.1018/3.1052 at Monday’s close, and rose against the Thai baht to 12.2061/12.2257 from yesterday’s close of 12.2129/12.2309.

The domestic unit was flat against the Indonesian rupiah and the Philippine peso at 229.5/229.8 and 6.50/6.51, respectively.