SGD Hits New High Of RM3.477 On 12 July
Looks like the Singapore Dollar (SGD) is poised to get stronger week after week. Just when we’ve thought we heard the last of a new record high, the dollar continues to soar.
SGD is now at RM3.477 against the Malaysian Ringgit.
Good news to those of us who are looking to travel there soon. But bad news for Malaysians who plan to visit the Lion City.
SGD rises 0.2% from 11 July’s rate of RM3.470
According to Oriental Daily, the SGD rose 0.2% from RM3.4705 on Tuesday (11 July) to RM3.4776 on Wednesday (12 July) morning, setting a new high again.
The ringgit has definitely seen better days, as it reportedly also weakened against the British pound, tentatively trading at RM6.0244.
Free Malaysia Ringgit reports that the last time the ringgit fell to RM6 was seven years ago.
However, it is worth noting that the ringgit opened higher against the US dollar (USD) today.
An analyst stated that this was due to higher oil prices and strong demand from China for oil, Malaysia’s leading commodity.
The first time SGD hit RM3.47 against the ringgit was on 22 June, per Sin Chew Daily.
A likely boon to travellers looking for budget-friendly trips
As the ringgit takes a beating, on the flip side, there’s a chance for the country to benefit from tourism.
Source: Unsplash
More travellers from other countries will likely consider Malaysia a budget-friendly place to visit, especially Singaporeans.
So if you’ve had your eye on trying authentic char kway teow or assam laksa in Penang or Ipoh hor fun, it’s time to book that flight soon.
Our last report on the currency exchange rate:
SGD Hits Another High At RM3.44, Ringgit Sets New Low For 2nd Consecutive Day
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Remitly and Unsplash.
