At 9am, the local currency appreciated to 4.1830/4.1860 versus the greenback from Tuesday’s close of 4.1850/1870.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US Dollar Index fell 0.4% to 95.985 points as market participants were temporarily relieved by geopolitical developments in Eastern Europe.

“As such, forex markets will continue to monitor development in Ukraine, as the US president has warned the threats of an invasion by Russia in Ukraine still remains.

“Therefore, the market will be cautious while remaining hopeful that the issues would be resolved soon,” he added.

Following that, Afzanimzam said the ringgit would hover around RM4.18 to RM4.19 today.

Meanwhile, the ringgit traded mixed against other major currencies.

The local note appreciated against the Japanese yen to 3.6154/3.6183 from 3.6193/6213 at Tuesday’s close and increased vis-a-vis the British pound to 5.6650/5.6691 from 5.6715/6742.

It depreciated against the Singapore dollar to 3.1103/3.1130 from 3.1097/1114 and dropped against the euro to 4.7502/4.7536 from 4.7487/7510 previously.