KUALA LUMPUR – The ringgit opened higher against the US dollar today on renewed demand for the local currency in tandem with the rebound on the equity market, said an analyst.
At 9am, the local note rose to 4.4700/4750 against the US dollar from last Friday’s close of 4.4765/4780.
Bank Muamalat Malaysia Bhd head of economics, market analysis and social finance Mohd Afzanizam Abdul Rashid said from a technical standpoint, the ringgit is already in an oversold position against the US dollar, suggesting possible appreciation in the immediate term.
Meanwhile, Bursa Malaysia rebounded to open higher today as the risk appetite in Asian markets improved after Wall Street rose on Friday, said an analyst.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed by 6.36 points to 1,459.91 from Friday’s close of 1,453.55.
The key index opened 5.22 points better at 1,458.77.
The market breadth was positive with gainers surpassing decliners 235 to 88, while 228 counters were unchanged, 1,668 untraded and 11 others suspended.
Turnover amounted to 124.93 million units worth RM545.91 million. – Bernama, March 6, 2023
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