KUALA LUMPUR – The ringgit improved versus the US dollar in early trade today amid hopes of an agreement on raising the US debt ceiling.
At 9am, the local note rose to 4.4910/4935 versus the greenback from yesterday’s closing rate of 4.4960/4985.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the failure to reach an agreement on the US debt ceiling could easily lead to a risk-off environment.
Meanwhile, Bursa Malaysia was higher in early trade today, with the benchmark index opening in positive territory as improved regional sentiment helped increase local investors’ risk appetite.
At 9.06am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.75 points to 1,420.12 from 1,417.37 at Monday's close. The barometer index opened 0.55 of a point better at 1,417.92.
On the broader market, gainers led decliners 130 to 111, while 204 counters were unchanged, 1,797 untraded, and 23 others suspended.
Turnover stood at 139.28 million units worth RM50.34 million. – Bernama, May 16, 2023
