KUALA LUMPUR – The ringgit extended its downtrend to open lower against the greenback today, weighed by declining oil prices and after the US Federal Reserve (Fed) delivered a steep interest rate hike.
At 9am, the local currency fell to 4.5665/5700 against the US dollar from 4.5520/5550 at yesterday’s close.
The benchmark Brent crude oil price fell 0.50% to US$89.38 (RM407.78) per barrel.
Oil prices continued to slide today after America’s central bank hiked interest rates by 75 basis points to a range of 3.00& to 3.25 – the highest level since 2008.
Meanwhile, Bursa Malaysia opened lower today, extending yesterday’s loss as Wall Street tumbled overnight following the Fed rate hike – with the central bank also signalling more aggressive hikes to come, dealers said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI fell by 5.92 points to 1,441.26 from yesterday’s close of 1,447.18.
The benchmark index opened 2.31 points lower at 1,444.87.
On the broader market, decliners outpaced gainers 232 to 43, while 165 counters were unchanged, 1,950 untraded, and nine others suspended.
Turnover stood at 98.13 million units worth RM43.28 million. – Bernama, September 22, 2022
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