Ringgit Falls Further Against SGD As M’sia General Election Gets Into Full Swing

Ringgit Falls Further Against SGD On 11 Nov As Malaysian General Election Begins

Last month, Malaysia’s Election Commission announced that the country’s general election will be held on 19 Nov 2022.

Following Nomination Day on 5 Nov, candidates have begun campaigning, which will last until 18 Nov.

However, amid the buzz of the campaigning period, it seems that the Malaysian Ringgit (MYR) is falling further against the Singapore Dollar (SGD).

A check on an online currency converter showed that the SGD reached another high against the MYR today (11 Nov).

Ringgit falls further against SGD

According to an online currency converter, the exchange rate between SGD and MYR has increased to 3.35 as of the time of writing on Friday (11 Nov). 

Source: XE

This means that S$1 can get you about RM3.35 at a moneychanger. The previous high was S$1 to RM3.30 in October.

Earlier this month, analysts predicted that the ringgit will only continue to depreciate against SGD because the latter is more robust while the ringgit is relatively unstable.

Ringgit Could Hit 3.45 To S$1 As SGD Remains Resilient Against USD: Analysts

Compared to the SGD, the ringgit is said to be faring worse against the United States Dollar (USD) with analysts projecting that the exchange rate between the two currencies could reach 4.75 to 4.80 by end-2022.

A possible reason for the depreciation, according to Bloomberg, is the political risk arising from the General Election.

As Malaysia is still riding through the election period, it remains to be seen if this concern is valid.

Good news for those planning to travel to Malaysia

While the exchange rate may cause worry among Malaysians, it bodes well for us in Singapore, especially if we’re planning to visit our neighbours across the Causeway.

Perhaps now that the SGD is stronger, buying whatever we need there could be a more affordable option.

Malaysians working here will also appreciate the fact that they can send more money home to their families.

If you’re looking to convert some cash, now would be a good time.

Have news you must share? Get in touch with us at news@mustsharenews.com.

Featured image adapted from Casino Connection on Flickr.