SPI Asset Management managing director Stephen Innes said the market’s expectations are that BNM will keep interest rates steady at 3% in its upcoming decision.

“In light of a recent media report suggesting that China is planning to inject 2 trillion yuan (RM1.32 trillion) into its economy to boost local market and investor confidence, Southeast Asian currencies have generally strengthened in comparison to the US dollar.

“There is a belief that the ringgit will catch up with the rest of the Asean currency basket if the proposed Chinese stimulus plan is implemented,” he added.

At 9:05am, the ringgit was marginally lower to 4.7270/4.7335 against the greenback compared to Tuesday’s closing of 4.7265/4.7290.

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

It appreciated vis-a-vis the Japanese yen to 3.1900/3.1946 from 3.1994/3.2013, rose against the British pound to 5.9976/6.0059 from 6.0159/6.0191 and improved versus the euro to 5.1293/5.1363 from 5.1457/5.1485 at Tuesday’s close.

Concurrently, the local note was traded mostly higher against Asean currencies.

It was marginally higher against the Singapore dollar to 3.5242/3.5293 from 3.5283/3.5304, gained versus the Thai baht to 13.2106/13.2343 from 13.2395/13.2521 and picked up against the Philippine peso at 8.39/8.41 from 8.41/8.42, previously.

It was traded marginally lower against the Indonesian rupiah to 302.3/302.7.4 from 302.2/302.4 at yesterday’s close.