Ringgit retreats to open lower against greenback

KUALA LUMPUR – The ringgit retreated from previous days’ gains to open lower against the US dollar today as the greenback strengthened following the United States Federal Reserve’s (Fed) hawkish Semiannual Monetary Report to the US Congress, an analyst said. 

At 9am, the local note fell to 4.5065/5140 versus the greenback from yesterday’s close of  4.4710/4730.   

Bank Muamalat Malaysia Bhd head of economics, market analysis and social finance Mohd Afzanizam Abdul Rashid said US Fed chief Jerome Powell remained hawkish in his testimony to the US Congress last night, leaving the higher-for-longer narrative to become more entrenched.

Meanwhile, Bursa Malaysia opened lower today, taking its cue from the negative Wall Street performance.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI was down by 4.87 points to 1,453.80 from yesterday’s close of 1,458.67.

The key index opened 3.2 points lower at 1,455.47.

Market breadth was negative with decliners surpassing gainers 266 to 74, while 206 counters were unchanged, 1,697 untraded and 11 others suspended.

Turnover amounted to 144.52 million units worth RM61.02 million. – Bernama, March 8, 2023