At 9.03 am (0103 gmt), the ringgit was quoted at 4.0530/0600 against the greenback compared with Tuesday 's close of 4.0445/0485.
KUALA LUMPUR: The ringgit was flat against the US dollar in the early session today as most traders decided to remain on the sidelines due to mixed external developments.
At 9.06am, the local unit traded at 4.0770/0820 against the greenback from 4.0770/0810 at yesterday's close.
A dealer said news on firmer Asian currencies, due to easing US bond yields was offset by the weaker global oil price due to higher US inventories.
“Right now, traders have adopted for the wait-and-see approach to see how the market will progress throughout the day before committing to a position,” he added.
The international benchmark Brent futures eased two cents to US$69.29 per barrel while US West Texas Intermediate (WTI) crude was down 14 cents to US$62.34 per barrel.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies, except against the Japanese yen, where it was flat at 3.6572/6623 from 3.6572/6617 at the close yesterday.
It rose against the Singapore dollar to 3.0135/0177 from 3.0146/0180, improved against the British pound to 5.3706/3789 from 5.3735/3804 and was higher against the euro to 4.5842/5902 from 4.5850/5911. - Bernama
Ambank research expects the ringgit to trade between the support levels of 4.0604 and 4.0675 and resistances of 4.0860 and 4.0926.
In a research note it said that while market are optimistic over the US-China trade developments, noise over Brexit persists in addition to incoming economic data.
Domestically, the focus will be on the February trade data.
"While the market consensus for February's export reads at 2.3% y/y, we are looking at 3.0% y/y," it said.
Meanwhile, it added that the key focus will be the Reserve Bank of India (RBI) monetary policy decision where there could be a second rate cut by 25bps to lower the benchmark policy rate to 6.00%.
