Ringgit inches up against US dollar, Bursa opens slightly lower

KUALA LUMPUR – The ringgit opened slightly higher against the US dollar today after the release of the ISM manufacturing purchasing managers’ index in the United States which came in lower than expected at 46.0 points in June, said an economist.

At 9am, the local unit rose marginally to 4.6635/6670 versus the greenback compared to 4.6640/6690 at yesterday’s close.

Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid said the ringgit is well supported as the data indicates that the US Federal Reserve may not be so hawkish although it may be inclined to maintain higher for longer narratives to clamp down inflation. 

Meanwhile, Bursa Malaysia opened marginally lower today despite the gains on Wall Street overnight on a shortened trading session ahead of the US Independence Day holiday today, said an analyst. 

At 9.10am, the FTSE Bursa Malaysia KLCI fell 1.44 points to 1,394.45 from 1,395.89 at yesterday’s close.

The key index opened 2.33 points lower at 1,393.56.

The broader market was negative, with decliners leading advancers 137 to 131, while 220 counters were unchanged, 1,757 untraded, and 27 others suspended.

Turnover stood at 129.63 million units worth RM61.16 million. – Bernama, July 4, 2023