Ringgit opens stronger against US dollar after Moody’s downgrade of US credit rating
KUALA LUMPUR, May 19 — The ringgit opened higher today against the US dollar buoyed by Moody’s Ratings recent downgrade of the US credit rating on concerns over rising debt.At 8.03 am, the local note appreciated to 4.2850/3140 versus the greenback from last Friday’s close of 4.2900/2980.Moody’s Ratings has downgraded the US sovereign rating by one notch to Aa1 from AAA last Friday. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the main premise for such a move was the US government debt which would likely...