KUALA LUMPUR: The ringgit was slightly lower against the US dollar in early trading today, in line with weaker regional currencies, a dealer said.

At 9 am, the local unit traded at 4.0750/0790 compared with Tuesday’s close of 4.0700/0730.

He said the greenback gained support on the possibility of the US Federal Reserve taking a more dovish approach to raising interest rates.

“Meanwhile, the ringgit was also influenced by lower oil prices, as well as the palm oil crisis with the European Union,” he added.

As of 9.25 am, the benchmark Brent crude stood at US$67.32 per barrel.

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

It declined against the British pound to 5.3786/3855 from yesterday’s closing of 5.3740/3784, and improved versus the Singapore dollar to 3.0114/0146 from 3.0130/0164.

The ringgit also appreciated against the Japanese Yen to 3.6861/6907 from 3.6869/6906 and improved versus the euro at 4.5889/5950 from 4.6060/6098. – Bernama