The local currency had made marginal gains during trading yesterday to end the day at 4.2960/4.3005 against the greenback.

However, it failed to keep the momentum going, starting today’s trading session at 4.3035/4.3090 to the US dollar.

ActivTrades’ trader Dyogenes Rodrigues Diniz said investors were concerned over the stubbornly high inflation in Europe, and many are in a “wait-and-see” mode ahead of the release of the EU’s economic forecasts and details from the EU leaders summit.

“Earlier, the European Central Bank said the expectation is that the fight against inflation will still take a long time and the interest rates could remain high for longer than previously anticipated,” he said in a note today.

Meanwhile, the ringgit traded mostly higher against a basket of major currencies.

The local note inched down against the Singapore dollar to 3.2435/3.2479 from yesterday’s close of 3.2472/3.2511 but strengthened vis-a-vis the Japanese yen to 3.2724/3.2768 from 3.2872/3.2909 yesterday.

It also appreciated against the British pound to 5.1922/5.1988 from 5.1990/5.2045 yesterday and rose versus the euro to 4.6116/4.6175 from 4.6203/4.6252 previously.