Ringgit improves to RM4.55 against US dollar in early trade

KUALA LUMPUR – The ringgit has extended its positive run against the United States dollar today, improving further to the 4.55 level on expectations of softer US inflation and less aggressive Federal Reserve rate hikes, said an analyst.

At 9am, the local note climbed 195 percentage points to 4.5530/5600 against the greenback from yesterday’s close of 4.5725/5775.

Meanwhile, Bursa Malaysia rose in the early trade today, as investors’ lauded the positive news from the Federal Reserve’s November meeting, where officials agreed that a slower pace of interest rate hikes was likely to be appropriate soon.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI increased by 13.55 points to 1,457.05 from 1,443.5 yesterday.

The market bellwether opened 7.18 points higher at 1,450.68. – The Vibes, November 24, 2022