Ringgit opens slightly higher, Bursa maintains above 1,450 level

Ringgit opens slightly higher, Bursa maintains above 1,450 level

Local currency rises to 4.7020/7070 against US dollar from yesterday’s close of 4.7120/7165.

KUALA LUMPUR – The ringgit opened higher against the US dollar today following expectations that the United States Federal Reserve will slow the pace of interest rate hikes until the end of the year.

At 9.04am, the local currency rose to 4.7020/7070 against the greenback from yesterday’s close of 4.7120/7165. Bursa Malaysia’s barometer index continued to march above the 1,450 level as fears over the path of higher interest rates eased regionally despite mixed Wall Street cues.

At 9.05am, the FTSE Bursa Malaysia KLCI ticked up 2.13 points to 1,457.11 compared with yesterday’s close of 1,454.98. The barometer index opened 2.98 points higher at 1,457.96.

The broader market was also positive with gainers surpassing losers 176 to 73, while 207 counters were unchanged, 1,905 untraded, and 24 others suspended.

Turnover amounted to 126 million units valued at RM52.08 million.

– Bernama, October 27, 2022

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