Kuala Lumpur:The ringgit opened slightly higher against the US dollar on Tuesday, despite the greenback being bolstered by expectations of increased US interest rates.

According to BERNAMA News Agency, the ringgit stood at 4.0835/0895 against the US dollar at 8 am, compared to Monday's closing rate of 4.0845/0890. Bank Muamalat Malaysia Bhd's chief economist, Dr. Mohd Afzanizam Abdul Rashid, noted that the US dollar index rose by 0.23 percent to 102.167 points, indicating a stronger dollar.

Dr. Mohd Afzanizam mentioned that due to the strengthened US dollar and increased demand for the currency as a safe asset amid global uncertainty, the ringgit is expected to trade within a narrow range.

The ringgit showed improvement against most major currencies at the opening. It rose against the Japanese yen, trading at 2.5847/5886 from the previous 2.5858/5886, and strengthened against the British pound to 5.3976/4055 from 5.4022/4081. Conversely, it weakened against the euro, reaching 4.5805/5872 from 4.5775/5825.

In terms of regional currencies, the ringgit's performance was mixed. It improved against the Thai baht, moving to 12.1151/1390 from 12.1234/1411, but slightly weakened against the Singapore dollar, changing to 3.1907/1957 from 3.1905/1943. The local currency remained unchanged against the Philippine peso and the Indonesian rupiah, maintaining rates of 6.52/6.53 and 227.9/228.3, respectively.