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Singapore Dollar briefly peaks at 3.54 against Malaysian Ringgit before settling at 3.51

This week, the Singapore dollar (SGD) to Malaysian Ringgit (RM) exchange rate fluctuated significantly, briefly spiking to 3.54.

The Ringgit’s decline followed Malaysian PM Anwar Ibrahim’s Cabinet reshuffle, appointing a second finance minister on Tuesday.

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SINGAPORE: The exchange rate between the Singapore dollar (SGD) and the Malaysian Ringgit (RM) encountered considerable fluctuations this week, notably surging to 3.53 on Wednesday (13 Dec).

However, the rate exhibited notable volatility from Wednesday to Friday.

On Thursday at 4:30 p.m. local time, the SGD to RM exchange rate briefly spiked to 3.54, only to decline to 3.52 by 6:00 p.m., eventually settling at 3.51—a level higher than the preceding months.

On Friday, the exchange rate is at 3.51 as of 1.30 pm.

(Screenshot via Google)

Before December 2023, the Singapore dollar had already reached the S$1 to RM3.5 threshold on a few occasions, notably in July, October, and November.

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 dropped to a daily low of 3.4783.

At the beginning of this year, the exchange rate was only 3.28.

Ringgit’s value against the U.S. dollar fell on 13 Dec

The Ringgit faced additional challenges against the U.S. dollar on Wednesday, dropping to a level of US$1 to RM4.7, according to The News Straits Times (NST).

This decline could be attributed primarily to two factors: the plummeting oil prices and speculation surrounding the U.S. Federal Reserve’s interest rate policies in the first quarter of 2024.

Oil prices plummeted by over 3%, triggered by the U.S. inflation data released in November, as highlighted by Stephen Innes, Managing Director of SPI Asset Management.

CNBC reported a 0.1% inflation increase from October, contrary to economists’ predictions of stagnation in prices.

Additionally, the data indicated that the U.S. Federal Reserve is unlikely to lower interest rates in the early part of 2024.

According to Reuters, the Federal Reserve has set interest rates in the U.S. between 5.25% to 5.5%.

The decision to keep rates unchanged was announced following a meeting on Wednesday, contributing to “big negative drivers,” around the ringgit, Innes said.

The drop in ringgit also came a day after Malaysian Prime Minister Anwar Ibrahim announced a Cabinet reshuffle, which included the appointment of a second finance minister.

Innes emphasized the potential political instability risk associated with such reshuffles, stating, “There is always a bit of political instability risk when foreign investors view a Cabinet reshuffle.

“Local investors are better in tune with Malaysian politics, but outsiders not so much.”

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Rm5 to s$1/- is on the HORIZON!

I Am Earning $81,100 so Far this year working 0nline and I am a full time college student and just working for 3 to 4 hours a day I’ve made such great m0ney.I am Genuinely thankful to and my administrator, It’s’ really user friendly and I’m just so happY that I found out about this…
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I Worked Here ==> > W­w­w.S­m­a­r­t­c­a­r­e­e­r­1.c­o­m

eh so? i can’t afford to buy property in johore either!

Wah … Temasick and GIC might want to consider BUYING over the state of Johore. Would be a much BETTER way of spending our “laundered” CPF monies then “investing” $10 billion annually in CECAland 🙂

If our S$ is so strong against the ringgit, why is this not reflected in the prices of imports from Malaysia like chicken, eggs and vegetables?

We cannot be blamed for assuming the supermarkets like NTUC (a declared social enterprise, mind you) Sheng Siong, Prime and Giant are making a killing from the currency gains.

Many academics do not have access or possess intel info, or official PAP Administration SG national econ reports about many aspects of the SG economy – one often come across they deny this info or that info on hand nor collect – can only wisely guess is primarily the high conversion rate of S$ against others is precisely the PAP Administration in this way, able to ATTRACT CHEAP LABOUR into SG without as an official public policy stand.

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