KUALA LUMPUR – The ringgit opened lower against the US dollar this morning as the greenback strengthened following the US Federal Open Market Committee minutes which showed that the Federal Reserve is committed to raising interest rates after the pause in June, said an economist.
At 9am, the local note fell to 4.6630/6670 versus the US dollar compared with 4.6485/6555 at yesterday’s close.
The US Dollar Index reportedly gained 0.31% to 103.358 points.
Meanwhile, Bursa Malaysia opened lower today taking the cue from Wall Street’s weaker performance overnight as the Federal Open Market Committee meeting minutes in June indicated more rate hikes later this year.
At 9.10am, the FTSE Bursa Malaysia KLCI slid 2.90 points to 1,387.00 from 1,389.90 at yesterday’s close.
The key index opened 0.19 of-a-point lower at 1,389.71.
The broader market was negative as decliners surpassed advancers 167 to 115, while 227 counters were unchanged, 1,737 untraded, and 18 others suspended.
Turnover stood at 168.75 million units worth RM84.15 million. – Bernama, July 6, 2023
