KUALA LUMPUR: The ringgit opened slightly higher against the US dollar as investors shifted their attention to the extent and timing of anticipated US interest rate cuts, confident that monetary easing will persist, said an economist.

At 8 am, the local currency rose to 4.2845/2950 against the greenback, compared to Tuesday's close of 4.2850/2895.

Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid, said the US Dollar Index (DXY) remains elevated, with US Federal Reserve officials adopting a cautious stance on the trajectory of rate cuts.