KUALA LUMPUR: The ringgit opened lower against the US dollar today as the greenback climbed after data showed that the US economy grew faster in the third quarter amid rising concerns for an early US interest rate cut, said an analyst.
Gift Nifty was trading around 20,142 level, as compared to Nifty futures previous close of 20,143, indicating a flat start for the Indian benchmark indices.
In the current fourth quarter, though, economists say growth is likely slowing sharply from the cumulative effects of higher borrowing rates on consumer and business spending.
Gross domestic product increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace, and the fastest pace of expansion since the fourth quarter of 2021, the Commerce Department s Bureau of Economic Analysis said in its second estimate of third-quarter GDP.