KUALA LUMPUR – The ringgit traded weaker against the US dollar in the early session today amid a lack of conviction on the resolution of the US debt limit impasse.
At 9.05am, the local note eased to 4.6025/6060 versus the greenback compared with yesterday’s closing of 4.6005/6045.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the US dollar/ringgit pair is likely to be stuck at the RM4.60-level throughout the day.
Meanwhile, trading on Bursa Malaysia was subdued in the early morning session today as investors continued to focus on the US debt ceiling vote, while Wall Street provided little leads following its mixed closing.
At 9.09am, the FTSE Bursa Malaysia KLCI fell by 1.25 points to 1,395.66 from 1,396.91 at yesterday’s close.
The barometer index opened 1.79 points higher at 1,395.12.
The broader market was negative with decliners beating advancers 183 to 137, while 201 counters were unchanged, 1,727 untraded, and 33 others suspended.
Turnover stood at RM292.03 million worth RM125.18 million. – Bernama, May 31, 2023
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