KUALA LUMPUR – The ringgit opened higher against the US dollar today on softer demand for the greenback following news that the US Federal Reserve (Fed) is shifting to a slower pace in tightening the cycle for its interest rates, analysts said.
At 9am, the local note improved to 4.6360/6405 against the US dollar from yesterday’s close of 4.6950/6990.
Meanwhile, Bursa Malaysia opened higher today, surpassing the 1,460-level as investors bet that the Fed would be less aggressive in its tightening policy due to lower than expected inflation data from the United States in October, a dealer said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI garnered 13.67 points to 1,463.41 from yesterday’s close of 1,449.74. – Bernama, November 11, 2022
