KUALA LUMPUR, Jan 19 — The ringgit settled flat against the US dollar today after a lower-than-expected fourth-quarter (4Q 2023) gross domestic product (GDP) projection released today.
The Department of Statistics Malaysia (DOSM) today said Malaysia’s economy is estimated to grow at 3.4 per cent in the 4Q 2023 against 3.3 per cent in the previous quarter.
At 6pm, the ringgit stood at 4.7160/7210 versus the greenback from Thursday’s close of 4.7165/7215.
Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the 4Q 2023 GDP projection was well below consensus estimates of 4.1 per cent.
Exports in December 2023 were also disappointing, declining 10 per cent, more than the consensus forecast of a five per cent contraction.
“Going forward, sentiments should revolve around the timing for the US Federal Reserve’s interest rate cut,” he told Bernama.
Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.
It was higher versus the euro at 5.1324/1379 from 5.1339/1394 at Thursday’s close and strengthened against the Japanese yen to 3.1871/1907 from 3.1903/1939.
However, the local currency depreciated vis-à-vis the British pound to 5.9822/9886 from 5.9782/9845 previously.
At the same time, the local note was traded mostly lower against Asean currencies.
It slipped against the Thai baht to 13.2733/2941 from 13.2475/2675 at the close on Thursday and weakened against the Singapore dollar to 3.5176/5216 from 3.5098/5141.
It was lower versus the Indonesian rupiah to 301.9/302.4 from 301.8/302.3 but appreciated vis-à-vis the Philippines’ peso to 8.43/8.44 from 8.45/8.46 yesterday.
— Bernama
