KUALA LUMPUR: The cautious mood ahead of the US Federal Reserve’s (Fed) next monetary policy move has had opposite effects on the ringgit and Bursa Malaysia.
The ringgit opened lower against the US dollar today but Bursa started the trading session on a positive note.
Lingering uncertainty weighed down on the local currency as investors remain divided over which direction the Fed will take, a dealer said.
Just a minute into the day’s business, the ringgit was traded at 4.4250/4300 against the US dollar, down from yesterday’s close of 4.4150/4200.
The dealer said the market was expecting the US interest rate to rise to 4.5% from 4% now.
On the other hand, Bursa rebounded despite the same uncertainty, thanks largely to a rally on Wall Street overnight.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) began the day at 1,476.53, which was a 2.15-point gain over its close of 1,474.38 last Friday. However, it retreated marginally to settle at 1,474.97 just 10 minutes later.
On the broader market, gainers outpaced losers more than two to one.
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Uncertainty over interest rate leaves contrasting impacts | Free Malaysia Today – Free Malaysia Today
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