KUALA LUMPUR – The ringgit opened lower against the US dollar on the first trading day of the month, and is expected to linger around the RM4.46-level today as market sentiments remain uncertain, a dealer said.
At 9am, the local note slipped to 4.4645/4680 versus the greenback from Friday’s closing rate of 4.4600/4645.
Bank Muamalat Malaysia Bhd chief economist and social finance Mohd Afzanizam Abdul Rashid said traders are still divided on whether the United States (US) Federal Reserve might change its stance on the US monetary policy in the upcoming Federal Open Market Committee (FOMC) meeting.
Meanwhile, Bursa Malaysia opened marginally higher on mild bargain hunting after the long weekend.
At 9.07am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.69 points to 1,417.64 from last Friday’s close of 1,415.95.
The barometer index opened 0.26 of-a-point better at 1,416.21.
The market breadth was marginally positive with gainers leading decliners at 162 versus 145, while 227 counters were unchanged, 1,705 untraded and 18 others suspended.
Turnover stood at 242.10 million units valued at RM66.32 million. – Bernama, May 2, 2023
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