The Malaysian ringgit weakened against the U.S. dollar in the late Asian session on Tuesday, after the nation cut its annual growth forecasts amid a plunge in oil prices.

In the budget revision today, Prime Minister Najib Razak slashed the economic growth forecast for this year to between 4.5 and 5.5 percent, down from an earlier target of 5-6 percent. While the budget deficit is expected to be equal to 3.2 percent of gross domestic product, which is bigger than the 3 percent estimated initially but below the previous year's 3.5 percent.

Against the greenback, the ringgit fell to a 6-year low of 3.6164 from an early high of 3.5679. At yesterday's close, the ringgit was trading at 3.5715 against the greenback.

If the ringgit extends its downtrend, it is likely to find support around the 3.75 area.

US Dollar vs MYR (FX:USDMYR)
Forex Chart
From Feb 2024 to Mar 2024 Click Here for more US Dollar vs MYR Charts.
US Dollar vs MYR (FX:USDMYR)
Forex Chart
From Mar 2023 to Mar 2024 Click Here for more US Dollar vs MYR Charts.