Slower Malaysia’s Growth Weakens Ringgit

The Malaysian ringgit weakened today, heading to a weekly decline that will end the eight-week streak of gains, as country’s economic growth slowed last quarter.
Malaysian gross domestic product grew 4.1 percent in the first quarter of 2013 from a year ago, slower than in the previous three months (6.5 percent). The median analysts’ forecast was at 5.5 percent. The dollar’s strength also hurt the currency. The Dollar Index advanced 0.9 percent this week.
USD/MYR went up from 3.0125 to 3.0203 as of 8:35 GMT today.

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