Ringgit opens higher versus US dollar backed by solid economic data

KUALA LUMPUR – The ringgit opened higher versus the US dollar on improved demand for the local note backed by solid economic data showing a good recovery from the Covid-19 crisis, with the unemployment rate falling in recent months, said ActivTrades.

At 9am, the local note rose 20 basis points to 4.3700/3760 against the greenback from yesterday’s close of 4.3720/3765.

Meanwhile, Bursa Malaysia retreated from yesterday’s gains to open lower today amid mixed sentiments on Wall Street overnight following remarks by the United States Federal Reserve that interest rates may exceed 5% this year, a dealer said.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI fell by 3.77 points to 1,489.65 from yesterday’s close of 1,493.42.

The market bellwether opened 3.02 points weaker at 1,490.40.

There were 127 losers and 120 gainers in the broader market, while 247 counters were unchanged, 1,717 untraded and 20 others suspended.

Turnover stood at 159.88 million units worth RM46.71 million. – Bernama, January 10, 2023