KUALA LUMPUR – The ringgit opened lower against the US dollar today as the greenback strengthened on anticipation that global inflation has moderated and the US Federal Reserve might pause interest rate hikes, said an analyst.
At 9am, the local note weakened to 4.4920/4970 versus the greenback from Friday’s closing rate of 4.4765/4835.
Meanwhile, Bursa Malaysia was marginally higher this morning, thanks to bargain-hunting activities following recent sell-offs, despite some weak sentiment due to external factors.
At 9.05am, the FTSE Bursa Malaysia KLCI added 0.44 of-a-point to 1,423.36 from 1,422.92 at last Friday’s close.
However, the broader market saw decliners edging past advancers at 144 to 136, while 250 counters were unchanged, 1,727 untraded, and 28 others suspended.
Turnover stood at 128.74 million units worth RM48.69 million. – Bernama, May 15, 2023
