KUALA LUMPUR, Feb 4 — The ringgit opened higher against the US dollar on Wednesday amid mixed views among the United States Federal Reserve (Fed) officials on interest rates.

At 8.01am, the local currency rose to 3.9250/9360 against the US dollar from Tuesday’s close of 3.9295/9360.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Fed governor Stephen Miran, who has been consistent in his view, indicated that the current policy rate is restrictive and should be lowered to support the economy.

Meanwhile, he said Richmond Fed president Tom Barkin suggested that last year’s interest rate was an insurance cut to prevent further weakness in the labour market.

On Jan 28, the Fed decided to pause interest rate cuts at its first meeting of 2026, holding the federal funds rate (FFR) steady in the 3.50-3.75 per cent range.

Mohd Afzanizam noted that yesterday, the ringgit maintained its upward trend against the US dollar at close, and it seems likely to continue its upward trajectory, with immediate support at RM3.8722.

“Perhaps today, the USDMYR could hover around 3.92 to 3.94,” he told Bernama.

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

It climbed against the Japanese yen to 2.5189/5262 from 2.5210/5253 at Tuesday’s close, but depreciated against the euro to 4.6370/6500 from 4.6341/6417 and slid versus the British pound to 5.3749/3900 from 5.3704/3793.

The local note opened mostly higher against Asean peers.

The ringgit strengthened versus the Singapore dollar to 3.0898/0990 from 3.0919/0973, rebounded against the Thai baht to 12.3942/4376 from 12.4584/4845, and rose against the Indonesian rupiah to 234.2/235.0 from 234.5/235.0 previously.

However, it fell against the Philippine peso to 6.71/6.73 from 6.66/6.68 on Tuesday. — Bernama