The dollar rose significantly on Wednesday due to climbing oil prices prompted by renewed conflicts in the Middle East, which rattled global markets. In addition, increasing Treasury yields fueled expectations of a potential rate hike by the Federal Reserve. Although recent economic reports underperformed, the market's outlook shifted positively towards monetary tightening. The Japanese yen remained weak against the dollar, despite hopes for strategic intervention.

Australia's economy grew 0.4 per cent in the June quarter, slightly beating most economist forecasts and further raising the prospect of an interest rate hike as soon as this month.

KUALA LUMPUR: The ringgit opened lower against the US dollar on Wednesday amid higher Brent crude oil prices, which heightened inflation concerns, boosting expectations of a US Federal Reserve (Fed) rate hike, said an analyst.