Traders on Bursa Malaysia have adopted a cautious stance while they await a Bank Negara Malaysia (BNM) decision on the overnight policy rate (OPR) later today, leaving the market to open mixed.

On the other hand, the ringgit recovered from a sharp fall yesterday that was caused by the higher possibility of more rate hikes in the US.

At the local bourse, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) opened less than a point higher compared with yesterday’s close, only to lose more than a point later as trading activities picked up.

However, there were more gainers than losers on the broader market.

Analysts on the forex market said while the ringgit might have recovered some lost ground, investors would likely remain cautious.

The ringgit opened at 4.5190/4.5235 versus the greenback today compared with yesterday’s closing rate of 4.5230/4.5265.