Apart from that, SPI Asset Management managing director Stephen Innes added that the greenback was also weighed down by hopes of a softer interest rate hike by the US Federal Reserve.

The US dollar was, however, not alone in facing recent headwinds.

The Chinese yuan too, noted Innes, remained weak due to persisting negative market sentiment around China’s growth, despite the rising Caixin PMI data in May.

“We think the risks are skewed towards further yuan weakness unless there is a more robust and credible policy response other than the current property measures,” he told Bernama.

The ringgit opened lower against the US dollar in the early session today as investors remain cautious on the global outlook despite a slightly weaker greenback, an analyst said.

At 9am, the local currency fell to 4.5950/6000 versus the greenback compared with Friday’s closing of 4.5745/5785.

The market was closed yesterday for the Yang di-Pertuan Agong’s official birthday holiday.

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

It went up to 3.2927/2965 against the Japanese yen from 3.2957/2989 at Friday’s closing, rose against the euro to 4.9240/9294 from 4.9254/9297 and appreciated versus the British pound to 5.7139/7201 from 5.7323/7373 last week.

At the same time, the local currency was traded mixed against other Asean currencies.

The ringgit rose against the Thai baht to 13.2029/2222 from Friday’s close of 13.2402/2591 and was slightly higher against the Philippine peso at 8.17/8.19 from 8.18/8.19.

However, it slid against the Singapore dollar to 3.4055/4094 from 3.4026/4059 last week and weakened against the Indonesian rupiah to 308.5/309.0 from 305.0/305.5 previously.