The Singapore Dollar (SGD) has hit yet another record high against the Malaysian Ringgit (MYR) today (7 Feb).
In the early hours of Wednesday (7 Feb), the SGD rose to 3.55 against the MYR before dipping slightly.
The SGD had just hit a previous high against the MYR just two weeks ago, with S$1 equating to RM3.54.
Based on the SGD to MYR exchange chart on XE.com, the SGD recorded a new high against the MYR at about 11.10am on Wednesday (7 Feb), with S$1 equating to RM3.5521.
An hour later, the SGD dipped slightly to about RM3.54869.
Towards the end of last week, the SGD plateaued at about 3.51 against the MYR. Since Tuesday (6 Feb), however, the SGD has steadily appreciated against the MYR.
Source: XE.com
With Chinese New Year just around the corner, folks visiting relatives or taking a trip to Malaysia should seize this opportunity to exchange currencies.
According to Business Times, the SGD has been steadily appreciating against the MYR for the past 20 years, from when S$1 equated to RM2.24.
Some experts attributed the steady incline to sustained interventions by the Monetary Authority of Singapore (MAS), which managed its monetary policy through exchange rate adjustments. This has helped boost Singapore’s economic growth.
Crucially, Singapore’s Nominal Effective Exchange Rate (SGDNEER) is a basket consisting of multiple currencies. Although the actual composition is not shared with the public, the US Dollar (USD) is likely a major part of it.
Hence, MAS’ monetary policy would usually align with the movements of the USD.
On the other hand, the MYR’s weak performance could be indicative of foreign investors’ weak confidence, perhaps due to Malaysia’s turbulent political climate.
Last October, Bloomberg highlighted that the MYR was the second-worst-performing currency in Asia, after the Japanese yen.
Also read: S$1 Equates To RM3.53 As M’sian Ringgit Hits Record Low Against S’pore Dollar
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Featured image adapted from The Edge Malaysia and Lifestyle Asia.
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