The statistics department said Malaysia’s economy is estimated to grow at 3.4% in Q4 2023 against 3.3% in the previous quarter.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the Q4 2023 GDP projection was well below consensus estimates of 4.1%.

He said exports in December 2023 was also disappointing, declining 10% which is more than the consensus forecast of a 5% contraction.

“Going forward, sentiments should revolve around the timing for the US Federal Reserve’s interest rate cut,” he told Bernama.

At 6pm, the ringgit stood at 4.7160/4.7210 versus the greenback from yesterday’s close of 4.7165/4.7215.

Meanwhile, the ringgit was traded mostly higher against a basket of major currencies.

It was higher versus the euro at 5.1324/5.1379 from 5.1339/5.1394 at yesterday’s close and strengthened against the Japanese yen to 3.1871/3.1907 from 3.1903/3.1939.

However, the local currency depreciated vis-a-vis the British pound to 5.9822/5.9886 from 5.9782/5.9845 previously.

At the same time, the local currency was traded mostly lower against Asean currencies.

It slipped against the Thai baht to 13.2733/13.2941 from 13.2475/13.2675 at the close yesterday and weakened against the Singapore dollar to 3.5176/3.5216 from 3.5098/3.5141.

It was lower versus the Indonesian rupiah at 301.9/302.4 from 301.8/302.3 but appreciated vis-a-vis the Philippine peso to 8.43/8.44 from 8.45/8.46 yesterday.