KUALA LUMPUR – The ringgit opened lower against the United States dollar today as the greenback strengthened on the back of strong US economic data.
The Institute for Supply Management data released yesterday showed that services industry activity unexpectedly rose in November following the employment rebound announced on Friday, leading to speculation that the Federal Reserve may lift interest rates more than recently projected, an analyst said.
At 9.02am, the local note slipped to 4.3780/3830 against the US dollar from 4.3660/3715 at yesterday’s close.
Meanwhile, Bursa Malaysia opened slightly lower in early trade today, tracking the weak Wall Street performance overnight.
At 9.28 am, the benchmark FTSE Bursa Malaysia KLCI inched down 0.56 of a point to 1,471.00 from yesterday’s closing of 1,471.56. The market bellwether opened 2.57 points easier at 1,468.99.
On the broader market, losers surpassed gainers at 301 versus 229, while 295 counters were unchanged, 1,416 untraded and nine others suspended.
Turnover stood at 729.65 million units worth RM226.56 million. – Bernama, December 6, 2022
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