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The ringgit improved versus the US dollar in early trade on Tuesday amid hopes for an agreement on raising the US debt ceiling.

Ukraine's President Volodymyr Zelensky waves before boarding his car after being awarded with the International Charlemagne Prize of Aachen 2023 on May 14, 2023 in Aachen, western Germany. The International Charlemagne Prize of Aachen is the oldest and best-known prize awarded for work done in the service of European unification. Zelensky and the People of Ukraine were given the prize for "fighting to defend not only the sovereignty of their country and the lives of its citizens, but also Europe and European values". (Photo by INA FASSBENDER / AFP)

The ringgit snapped its three-day losing streak to open higher against the US dollar in the early session today as the greenback softened following a lower-than-expected US April CPI data released last night.

The ringgit opened higher against the US dollar on Friday, buoyed by the increase in OPR to 3.00 per cent, but the ringgit-dollar pair is projected to trade in a narrow range as risk-off mode leads to increased demand for the greenback.

The ringgit opened lower against the US dollar today, weighed by a stronger greenback on renewed interest for safe haven currencies, an analyst said.

The ringgit opened higher against the US dollar on Tuesday amid a weakening greenback against major currencies.

The ringgit rose against the US dollar in the early session today as the United States Federal Reserve officials continued their hawkish stance, favouring another 25 to 75 basis points interest rate hike in the near term.

The European Union on Tuesday unveiled a 1.1-billion-euro (RM5.34 billion) plan to help stave off cross-border hacking attacks as the threat from Russia grows. Europe is looking to shore up its online defences as Moscow's war on Ukraine has raised fears that Russian hackers could target critical infrastructure.

The ringgit continued to slide against the US dollar in the early session today as the local currency remained in an overbought position ahead of an expected rise in US interest rates in May, said an analyst.