The local currency rose marginally to 4.4350/4.4390 against the US dollar at the opening bell, up from yesterday’s close of 4.4420/4.4460.

ActivTrades trader Dyogenes Rodrigues Diniz said the market is more cautious because the FOMC data offers clues on the US Federal Reserve’s (Fed) views.

“A more hawkish view, which would lead to harsher monetary tightening, may cause the US dollar to continue to rise against the ringgit towards the 4.5000 region,” he said.

Meanwhile, SPI Asset Management managing director Stephen Innes said traders and investors would also be cautious ahead of tomorrow’s core personal consumption expenditures (PCE) inflation data, which will set the stage for Fed officials’ forecast updates at the March 22 meeting.

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

The local unit appreciated against the Japanese yen to 3.2884/3.2918 from 3.2935/3.2968 at yesterday’s close and climbed vis-a-vis the Singapore dollar to 3.3090/3.3122 from 3.3157/3.3189 yesterday.

It also rose versus the euro to 4.7060/4.7102 from 4.7258/4.7301 and widened against the British pound to 5.3451/5.3499 from 5.3655/5.3703 previously.