KUALA LUMPUR – The ringgit opened slightly higher against the US dollar today due to uncertainties in the market sentiments ahead of the United States’ (US) interest rate decision.
At 9am, the local note rose to 4.4570/4600 versus the greenback from yesterday’s closing rate of 4.4640/4640.
ActivTrades trader Dyogenes Rodrigues Diniz said it was natural for the market to move laterally right before these decisions, especially given that inflation in the US remains high.
However, the pace has been slowing with each new reading. Bursa Malaysia opened lower today, tracking Wall Street’s slump overnight as concerns over the United States (US) banking sector returned ahead of the US Federal Reserve (Fed) rate decision later today.
Meanwhile, At 9.11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 3.79 points to 1,422.32 from yesterday’s close of 1,426.11.
The index opened 2.21 points easier at 1,423.90.
The market breadth was negative with losers leading gainers 215 to 109, while 260 counters were unchanged, 1,655 untraded and 19 others suspended.
Turnover stood at 269.03 million units valued at RM83.78 million. – Bernama, May 3, 2023
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