The ringgit continued its fall against the United States (US) dollar at the time of strengthening of the DXY index which dragged investors to flock to the currency's safe assets.
At 10.20am, the ringgit was at 4.4410 which is 0.16% lower against the USD than it closed at 4.4365 on Tuesday.
According to the Chief Economist of Bank Muamalat Malaysia Bhd, Dr Afzanizam said the high demand for the US dollar is expected to continue when the Federal Reserve (Fed) official in his speech said the latest prospect of further interest rate cuts will depend on future economic data.
Also, the Fed's Neel Kashkari suggested looking towards future inflation data before they make any decision on interest rates.
Therefore, the ringgit and several developing currencies are likely to remain weak in the near term.
At the opening of trading, the ringgit traded higher against a group of major currencies.
It was higher against the British pound at 5.6463/5.6635 from 5.6889/5.6934 at Tuesday's close, better against the euro at 4.7061/4.7204 from 4.7111/4.7148 and stronger against Japan at 2.8661/2.8752 from 2.8788/2.8812.
The ringgit is also trading higher against Asean currencies.
Against the Thai baht, it rose to 12.7162/12.7637 from 12.7456/12.7608 at Tuesday's close and strengthened against the Singapore dollar at 3.3107/3.3210 from 3.3143/3.3174.
The local unit rose slightly against the Philippine peso to 7.53/7.56 from 7.54/7.55 and slightly higher against the Indonesian rupiah to 280.8/281.9 from 281.0/281.5 previously.
