KUALA LUMPUR (Oct 20): The ringgit opened lower against the US dollar on Thursday (Oct 20), as investors awaited further rate action by the US Federal Reserve (Fed), dealers said. At 9am, the local note had eased to 4.7250/7265 against the greenback, from Wednesday’s close at 4.7180/7220. However, CGS-CIMB said in a note that the weak ringgit may support Malaysia’s exports, as both tend to have a positive correlation. Meanwhile, the ringgit was higher against a basket of major currencies. It rose versus the pound to 5.2948/2965 from 5.3233/3278 on Wednesday, and increased against the Singapore dollar to 3.3146/3161 from 3.3176/3207.

Source: The Edge Markets October 20, 2022 07:13 UTC