Ring of Khajiit (Morrowind)

"The Ring of Khajiit is an ancient relic, hundreds of years older than Rajhin, the thief that made the Ring famous. It was Rajhin who used the Ring's powers to make himself invisible and as quick as the breath of wind. Using the Ring, he became the most successful burglar in Elsweyr's history. Rajhin's eventual fate is a mystery, but according to legend, the Ring rebelled against such constant use and disappeared, leaving Rajhin helpless before his enemies."

- Yagrum Bagam

Ring of Khajiit is a unique ring and artifact of Mephala. It can be invaluable tool for a thief, or anyone in need of a means of escape when in distress.

Enchantments
Both effects are for 30 seconds on self:
 * Fortify Speed – 10 to 20 points
 * Invisibility

Mephala's Quest
At Mephala's shrine in the hidden area of the Arena Canalworks in Vivec operated by the Morag Tong, the Nerevarine learns that Mephala would like to see Balyn Omavel's life terminated for disgracing the guild by performing assassinations without writs. Upon completing the task, the Nerevarine is rewarded with this ring.

Trivia

 * In Arena and Morrowind this ring is named "Ring of Khajiit" and is an artifact of Mephala, while in Daggerfall and Oblivion this ring is named "Ring of Khajiiti" and is an artifact of Meridia.