KUALA LUMPUR – The ringgit opened lower against the US dollar in the early session today as the greenback stayed firmer following the release of the United States (US) Producer Price Index (PPI).
At 9am, the local note fell to 4.4735/4790 versus the US dollar from yesterday’s closing rate of 4.4615/4665.
ActivTrades trader, Dyogenes Rodrigues said as the PPI measures inflation at the beginning of the production chain, it is used as a way to gauge final consumer inflation, which in turn is measured by the Consumer Price Index (CPI).
Meanwhile, Bursa Malaysia opened mixed today as investors appeared to trade cautiously on Wall Street’s negative performance as sentiments were fragile over mounting concerns on the United States debt ceiling and stability of the banking industry.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.72 points to 1,428.90 from yesterday’s close of 1,428.90.
However, market breadth remained negative with decliners surpassing advancers 146 to 112, while 238 counters were unchanged, 1,765 untraded and 32 others suspended.
Turnover stood at 207.34 million units worth RM90.55 million. – Bernama, May 12, 2023
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