SINGAPORE: The exchange rate between the Singapore dollar and the Malaysian Ringgit has surged, hitting 3.50115 by 10:50 a.m. on Tuesday.
Although it briefly exceeded 3.5 earlier, it later fell below 3.49.
At 9:00 a.m. on Tuesday, the exchange rate again exceeded 3.5.
Over the past month, the Singapore dollar has risen from 3.43 to 3.5 against the Malaysian Ringgit.
On 12 July, the ringgit against the Singapore dollar (S$) dropped to a daily low of 3.4783.
At the beginning of this year, the exchange rate was only 3.28.
Amid a widening rate gap with the US, the Malaysian ringgit plummeted to its lowest point since the Asian Financial Crisis.
Reaching 4.7703 against the dollar, it suffered a 0.5% decline, marking its weakest position since 1998. Emerging as the poorest performer in Asia, it trails only behind the yen this year.
In July, the Monetary Authority of Singapore (MAS), the central bank of Singapore, warned of weak near-term growth for one of Asia’s top financial hubs and said its fight against rising prices was not yet over, despite lowering its inflation forecast for this year.
Ravi Menon, the Managing Director of the MAS, stated that Singapore’s inflation would significantly decrease due to tight monetary policy, but the central bank will not shift switching from “inflation-fighting mode” to “growth-supporting mode”.
In April 2023, when Singapore’s main consumer price statistics exceeded expectations, the MAS took steps to strengthen its currency.
This followed the MAS’s use of foreign exchange rates as a primary tool to address import inflation issues.
South Korean trainee doctors resign in protest against med-school quota increase policy
OCBC allocates one-off payment to junior employees to cope with rising cost of living
US couple’s decision to skip showers in Malaysia over discoloured water criticised
Good Samaritan earns praise for assisting lost girl in Geylang
Bishan HDB maisonette sets record with S$1.48M sale
STB grants support for Taylor Swift concerts, foresees economic boost for Singapore
NUS holds 19th, NTU climbs to 32nd in Times World University Rankings 2024
Leaks and condensation issues persist for some Tengah residents using CCS
NParks investigates alleged wild chicken capture in Pasir Ris Park
Netizens amused by ‘washrooms basic cleaning’ course on SkillsFuture
Road fatalities in Singapore surpass pre-pandemic levels in 2023
Bayer cuts dividends to legal minimum to tackle debt burden
Singapore1 week ago
PM Lee encourages more births in the year of the dragon amid declining fertility rates
Singapore1 week ago
Singapore surpasses nursing recruitment target in 2023 amidst high attrition rates
Featured5 days ago
PA surveys community & govt confidence amid pending general election
Comments6 days ago
PAP Marcus Loh accuses WP’s MP of alleged dishonesty on debate about reserves
Parliament2 weeks ago
SG Parliament rejects PSP’s motion calling for changes in reserves policies
Civil Society6 days ago
Singaporeans stand firm in support for Palestine amidst police scrutiny
Civil Society4 days ago
At least 9 individuals summoned by police over Palestine solidarity activities on 2 Feb
Community1 week ago
Connectivity struggles in Tengah town prompt online user discussion