The Malaysian ringgit (RM) opened higher against the United States (US) dollar on Wednesday as investors took a cautious approach to the latest economic developments.
Global markets registered a rebound after a lackluster performance on Monday and are now starting to show signs of recovery.
At 10.30 am, the ringgit was at a position of 4.4840, which was a slight decrease of 0.31% against the USD currency, since it closed at 4.4725 on Tuesday.
Asian markets may see a wait-and-see sentiment approach among investors today. Meanwhile, the state of the US economy will continue to influence high risk-off actions in the market.
Many experts expect the ringgit to remain flat around RM4.47 to RM4.48 as expectations for the next US interest rate hike are still high.
Meanwhile, the ringgit traded mostly low against several major currencies.
The domestic unit rose against the British pound to 5.6697/6799 from 5.6837/6894 at Tuesday's close.
The ringgit eased against the Japanese yen to 3.0889/0949 from 3.0879/0914 yesterday and fell against the euro to 4.8839/8927 from 4.8799/8849.
Local currencies are also trading low mostly against the currencies of Asean countries.
The ringgit was flat against the Philippine peso at 7.73/7.75.
The local unit fell against the Singapore dollar to 3.3718/3781 from 3.3694/3730 and eased against the Thai baht to 12.5912/6230 from 12.5848/6024.
The ringgit was also lower against the Indonesian rupiah to 276.4/277.1 from 276.6/277.1 yesterday.
