KUALA LUMPUR – The ringgit weakened against the US dollar in the early session today amid the United States’ continuing debt ceiling impasse.
At 9.01am, the local note fell to 4.6160/6205 versus the greenback compared with Friday’s closing of 4.5970/6035.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said indications from US President Joe Biden and the US speaker suggest that congressmen would agree terms for a deal on Wednesday.
On Friday, US Treasury Secretary Janet Yellen indicated that the deadline for the debt limit expiry date had been extended to June 5.
Meanwhile, Bursa Malaysia opened higher amid reports that American lawmakers are nearing agreement on raising the debt ceiling.
At 9.10am, the FTSE Bursa Malaysia KLCI increased by 0.49 of-a-point to 1,403.47 from 1,402.98 at Friday’s close.
The barometer index opened 2.49 points stronger at 1,405.47.
The broader market saw advancers surpassing decliners 186 to 163, while 229 counters were unchanged, 1,697 untraded, and 53 others suspended.
Turnover stood at 323.64 million units worth RM149.84.64 million. – Bernama, May 29, 2023
