SPI Asset Management managing partner Stephen Innes expects the ringgit to trade defensively today as the US 10-year bond yields made new highs, rising 10 basis points to 4.53%, while the ongoing China property market woes cast a pall over Asian currencies.

“Asian forex markets will simply get no help from a US Federal Reserve (Fed) that appears committed to higher-for-longer US interest rates,” he told Bernama.

Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the ringgit could remain between RM4.68 to RM4.69 today ahead of the possible US government shutdown on Oct 1, should the US Congress remain undecided on the spending bill.

“It was reported that should the government shutdown occur, there could be a delay in the statistical releases such as the non-farm payroll and consumer price index scheduled on Oct 6 and Oct 12.

“This would keep investors and the Fed in the dark in assessing the latest economic indicators, leading to further uncertainties,” he added.

At 9am, the local currency climbed to 4.6845/4.6885 against the greenback from Monday’s close of 4.6850/4.6880.

The ringgit was traded higher against a basket of major currencies.

It strengthened against the euro to 4.9581/4.9623 from Monday’s closing of 4.9825/4.9857, improved against the British pound to 5.7174/5.7223 from 5.7274/5.7311 and appreciated against the Japanese yen to 3.1467/3.1496 from 3.1523/3.1546 yesterday.

At the same time, the local currency traded mostly higher against other Asean currencies.

It advanced against the Thai baht to 12.9360/12.9517 from 12.9642/12.9772 on Monday but was flat against the Indonesian rupiah at 304.1/304.5.

It rose against the Philippine peso to 8.24/8.26 from 8.25/8.26 on Monday and increased against the Singapore dollar to 3.4271/3.4303 from 3.4295/3.4319.