Ringgit retreats in early trade against dollar amid possible US rate hike

KUALA LUMPUR – The ringgit retreated from yesterday’s gains to open lower against the US dollar today due to the lack of interest in the local currency as the greenback strengthened on the possibility of another interest rate hike by the US Federal Reserve, a dealer said.

At 9.05am, the local note was traded at 4.4300/4380 against the greenback from yesterday’s close of 4.4215/4255.

Meanwhile, Bursa Malaysia opened slightly higher today but retreated within minutes, taking its cue from Wall Street which tumbled overnight on concerns over more rate hikes, following the strong economic showing in the United States, said an analyst.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI fell by 0.33% or 4.86 points to 1,463.49 from yesterday’s closing of 1,468.35.

The market bellwether opened 0.81 points better at 1,469.16.

On a broader market, decliners surpassed advancers 250 versus 116, while 212 counters were unchanged, 1,691 untraded, and 13 others suspended.

Turnover stood at 251.54 million units worth RM110.07 million. – Bernama, December 23, 2022