KUALA LUMPUR – The ringgit slipped further against the US dollar at the open today as lingering uncertainty weighed on the market, with investors split on what the United States Federal Reserve’s next monetary policy moves would be, said a dealer.
At 9.01am, the local note was traded at 4.4250/4300 against the US dollar compared with 4.4150/4200 at the close yesterday.
ActivTrades Trader Dyogenes Rodrigues Diniz said the market was predicting that US interest rates would rise to 4.5% from 4.0% currently.
“All eyes, however, will be on the press conference that will follow the announcement of the interest rate decision as it may offer important clues on how the Fed will behave during 2023 and whether it will take a more hawkish or dovish stance,” he said in a note.
Meanwhile, Bursa Malaysia rebounded to open slightly higher today, tracking gains on Wall Street overnight despite the cautious mode ahead of monetary policy decisions around the globe this week.
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI rose 0.59 of-a-point to 1,474.97 from yesterday’s closing of 1,474.38.
The market bellwether opened 2.15 points higher at 1,476.53.
On the broader market, gainers surpassed decliners 234 to 95, while 231 counters were unchanged, 1,702 untraded and 10 others suspended. – Bernama, December 13, 2022
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