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Ringgit hits new low against SGD

This week saw notable SGD to MYR fluctuations, surging to 3.53. Investors await Malaysia’s MPC meeting amid a record-high US dollar to Ringgit exchange rate.



MALAYSIA: This week witnessed significant fluctuations in the exchange rate between the Singapore dollar (SGD) and the Malaysian Ringgit (MYR), reaching a notable surge to 3.53 on Tuesday (23 January).

The exchange rate between the SGD and the MYR has surged, reaching 3.5304 as of 4 pm on Tuesday.

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 months, 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 2023, the exchange rate was only 3.28.

Ringgit trades on a weaker note against the US dollar

Notably, the exchange rate between the US dollar against ringgit hit a record high, with many traders eagerly anticipating the first Bank Negara Malaysia’s Monetary Policy Committee (MPC) meeting of the year, scheduled for today and tomorrow.

As of 4 pm on Tuesday, the exchange rate of the greenback against the Ringgit was 4.7275, compared to 4.7280 at 6 pm on 22 January.

The Ringgit traded lower against a basket of major currencies, falling against the Japanese yen to 3.1972/2008 from 3.1918/1957 at Monday’s close.

It also slid against the British pound to 6.0196/0260 from 6.0065/0134 yesterday and settled versus the euro to 5.1526/1581 from 5.1516/1576 previously.

Meanwhile, the local note mostly declined against Asean currencies.

As reported by Malaysia state media BERNAMA, SPI Asset Management managing director Stephen Innes highlighted that the primary focus for this week is central bank meetings across various regions, including in Malaysia, Japan, and the eurozone.

“While no significant alterations are expected in the monetary policies of developed markets, robust fourth-quarter (4Q) US Gross Domestic Product (GDP) figures might lead to a modest uptick in US interest rates, offering some support to the US dollar.”

“Traders will be closely monitoring these developments to assess their impact on the ringgit and other currencies,” he told Bernama.

Innes added that most traders are also closely observing forthcoming US macroeconomic data, including the 4Q GDP (expected on 25 Jan) and the Personal Consumption Expenditures deflator (26 Jan).

“These figures could potentially shape expectations regarding a potential US interest rate reduction in March, which in turn could weaken the US dollar and bolster the ringgit,” he added.

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People from Singapore will go over to Malaysia to enjoy buying cheap goods and bring them back.
Malaysians will come over to Singapore to earn S$ to bring back to buy big houses, get married, give births, do businesses and etc.

Oh dear, oh dear, oh dear, … all the loudmouths, numpties and assholes will be across the causeway, in bigger numbers and with greater regularity, … flashing their wads of ringgit and exclaiming how cheap things are !!!

Soon it will be Rm5/- for a S$1/-

Should be able to get jobs back home!