The Malaysian ringgit slid to a new record low of RM4.5002 against the US dollar since the 1998 Asian financial crisis.

According to data from Bloomberg, the ringgit crossed the RM4.50 psychological mark at 11.20am.

The exchange rate provided by Bank Negara showed the selling price of US$1 is RM4.5010 as of noon.

At 5pm, the selling price closed at RM4.5000 against the US dollar.

The ringgit hit the lowest point at RM4.88 to US$1 in January 1998.