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KUALA LUMPUR – The ringgit ended higher against the US dollar today as the greenback retreated after the United States consumer price index continues to soften in November, leading US Treasury two-year yields to drop, analysts said.
“This could imply that the market thinks the US Federal Reserve could pause rate hikes in the second quarter of 2023. That will also play out well for the ringgit,” SPI Asset Management managing director Stephen Innes said.
At 6pm, the local note was traded at 4.3900/3955 against the US dollar compared with 4.4260/4320 at yesterday’s close.
Meanwhile, Bursa Malaysia rebounded from yesterday’s loss to end in positive territory as bargain-hunting emerged, in line with the regional markets’ uptrend performance.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI rose 0.89% or 13.05 points to 1,483.17 from yesterday’s closing of 1,470.12
The barometer index opened 1.77 points higher at 1,471.89 and moved between 1,471.64 and 1,483.17 throughout the day.
On the broader market, gainers surpassed decliners 532 versus 384, while 418 counters were unchanged, 940 untraded and 13 others suspended. – Bernama, December 14, 2022