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KUALA LUMPUR – The ringgit opened slightly higher against the US dollar today, despite market uncertainty over the United States Federal Reserve’s (Fed) upcoming interest rate decision, dealers said.
At 9am, the local note appreciated to 4.4040/4100 versus the greenback from yesterday’s close of 4.4050/4084.
SPI Asset Management managing partner Stephen Innes said that the old problems going into the new year continued to influence the broader markets, specifically uncertainty around the Fed’s terminal rate and whether the world would fall into a recession.
Meanwhile, Bursa Malaysia opened lower but turned slightly higher soon on improved buying appetite.
At 9.29am, the benchmark FTSE Bursa Malaysia KLCI added 0.45 of-a-point to 1,474.44 from yesterday’s closing of 1,473.99.
The market bellwether opened 1.14 points lower at 1,472.85.
On the broader market, gainers edged losers 225 to 201, while 275 counters were unchanged, 1,513 untraded, and 13 others suspended. – Bernama, January 4, 2023