KUALA LUMPUR: The ringgit extended its losses from Tuesday to open lower against the US dollar this morning on lack of demand, as investors remain cautious ahead of US President Donald Trump’s speech later today on tax reforms and infrastructure spending plans, dealers said.

At 9.07am, the local unit was traded at 4.4430/4500 against the greenback from 4.4380/4420 on Tuesday.

News reports say some US Federal Reserve policymakers boosted expectations for a March interest rate increase, given the accelerating inflation and that fact that the US economy is at full employment.

Meanwhile, the ringgit was traded higher against other major currencies.

It improved against the Singapore dollar to 3.1582/1655 from 3.1686/1720 and increased against the yen to 3.9239/9318 from 3.9477/9527 yesterday.

The ringgit appreciated against the euro to 4.6909/7001 from 4.6990/6045 and rose against the British pound to 5.4973/5073 from 5.5102/5165.