Ringgit Hits Historic Low Of RM3.53 Against Singapore Dollar
The Singapore dollar (SGD) has hit a new high against the Malaysian Ringgit (MYR), with S$1 equating to RM3.53372 this afternoon (23 Jan).
The last high achieved was in Dec 2023, when the S$1 equated to RM3.51.
According to reports in Malaysia, the Ringgit has weakened by over 1.5% since the start of the year.
Singapore Dollar rises to historic high against Malaysian Ringgit
According to the SGD to MYR exchange chart on XE.com, S$1 equated to RM3.53372 at around 3pm on Tuesday (23 Jan).
Source: XE.com
The exchange rate surpassed the previous high of 3.52692 reached on 14 Dec last year, as seen on XE.com.
It has since stabilised with S$1 equating to RM3.52837 at the time of writing.
For the better part of January, the exchange rate had been below 3.50, except for after 16 Jan. Since then, the SGD has been on a steady incline against the MYR, finally hitting its historic high today.
MYR hits record low
According to BFM News on X, the MYR has weakened by over 1.5% since the start of the year.
The strength of the SGD, though, could possibly be explained by the active intervention from the Monetary Authority of Singapore (MAS).
Back in October 2023, Free Malaysia Today (FMT) explained that MAS regularly ensures that the SGD’s exchange rate with the US Dollar (USD) stays within a policy band. Malaysia, on the other hand, does not engage in such active intervention.
As a result, SGD has often achieved high rates against MYR, with this latest one being the highest recorded thus far.
On 23 Jan, the MYR similarly recorded a new low against the USD, with US$1 equating to RM4.7280 according to Bernama.
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