At 9am, the local currency was trading at 4.2110/2155 against the greenback from 4.2160/2190 at Tuesday’s close.

Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US equities closed higher last night despite more US Federal Reserve officials being in favour of a tighter monetary policy this year.

“In a way, it was a risk-on mode with the US Dollar Index (DXY) falling slightly yesterday,” he added.

According to reports, San Francisco Fed President Mary Daly and St Louis Fed President James Bullard have suggested that monetary policy accommodation would need to be removed and it has to be done at a faster pace.

The ringgit is expected to remain around RM4.21 today.

At the opening, the ringgit was traded mostly mixed against a basket of major currencies.

It strengthened against the Japanese yen to 3.4764/4804 from 3.4880/4908 at Tuesday’s close.

The local unit fell against the British pound to 5.5880/5940 from 5.5580/5619 and declined against the euro to 4.6426/6476 from 4.6346/6379 previously.

However, the ringgit was unchanged against the Singapore dollar at 3.1027/1063 today compared to 3.1027/1052 at yesterday’s close.