KUALA LUMPUR – The ringgit eased versus the US dollar at today’s opening as traders await Bank Negara Malaysia’s interest rate decision and the release of the United States’ jobs data report tomorrow.
At 9am today, the local note declined to 4.1565/1595 against the greenback from 4.1545/1560 at yesterday’s close.
ActivTrades trader Dyogenes Rodrigues Diniz said the local currency is currently trading at the 4.1540 level.
“From a technical point of view, if USD-MYR breaks below 4.1430, it could drop to 4.1200 where it will find some support. On the other hand, if it breaks above 4.1600, it could rise to 4.2100 in the next few days,” the trader said.
Meanwhile, Bursa Malaysia opened slightly lower today, tracking the downbeat overnight performance of the US stock market amidst ongoing concerns about the Covid-19 Delta variant’s impact on economic recovery.
The government bond prices also fell in the US and Europe, while the US dollar strengthened ahead of central bank meetings that could mark the beginning of the end of crisis-era monetary stimulus, dealers said.
At 9.07am, the benchmark FTSE Bursa Malaysia KLCI eased 0.06 of-a-point to 1,583.42 from yesterday’s close of 1,583.48.
It opened 1.76 points easier at 1,581.72.
Market breadth was negative with losers leading gainers 228 to 196, while 323 counters were unchanged, 1,490 untraded, and 25 others suspended.
Turnover stood at 345.85 million units worth RM132.66 million. – Bernama, September 8, 2021
