AxiCorp chief global market strategist Stephen Innes said the US dollar safe-haven demand will likely thwart any near-term bullish ambitions, with oil prices falling and risk unsettled after US President Donald Trump iced the coronavirus stimulus deal.

“With the Chinese yuan slightly backpedalling overnight, I expect the ringgit to trade on the defensive mode,” he said.

At 9.05am, the local currency was traded at 4.1550/1640 versus the greenback compared with 4.1500/1570 at yesterday’s close.

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

It rose against the Singapore dollar to 3.0491/0568 from 3.0521/0577 on Tuesday, improved against the British pound to 5.3500/3624 from 5.3821/3929 and was slightly higher against the euro to 4.8742/8865 from 4.8879/8974.

However, the local currency inched down versus the yen to 3.9321/9417 from 3.9303/9373 previously.