THE ringgit slipped further to end the week lower against the US dollar today despite Malaysia’s better-than-expected first quarter GDP data, an analyst said.

At 6pm, the local note fell to 4.4765/4835 versus the greenback from yesterday’s closing rate of 4.4615/4665.

Earlier, Bank Negara Malaysia announced Malaysia’s economy recorded an expansion of 5.6% in the first quarter of 2023, driven mainly by private sector expenditure.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the greenback benefited from its safe-haven status amid the US debt ceiling drama that has put the US government at risk of defaulting on its debts. – Bernama, May 12, 2023.