SGD Hits Another High At RM3.44, Ringgit Sets New Low For 2nd Consecutive Day

SGD Hits High Of RM3.44 On 9 June, Good News For Those Heading To Malaysia

If you’re not already spending the June school holidays overseas, there’s still time left to head to Malaysia for the remaining two weeks.

Expenses won’t be too much of a concern as the Singapore Dollar (SGD) hit another high against the Malaysian Ringgit (MYR) on Friday (9 June) at RM3.4419.

It was reportedly the second consecutive day that the SGD hit a high against the MYR.

SGD hits high against ringgit on 8 June, RM3.4309 at closing

On Thursday (8 June), the ringgit opened at 3.4196 to the SGD, according to the China Press.

That itself was a depreciation of 0.04% from the previous day’s closing.

It would drop more in early trading to 3.4283 at the break — a depreciation of 0.3% and already a record low.

Selling pressure intensified after midday, and the ringgit ended up closing 0.38% down at 3.4309.

That was the currency’s lowest level since the separation of Singapore and Malaysia.

SGD hits another high of RM3.4419 against ringgit on 9 June

Worse was to come on Friday (9 June) when the ringgit opened at 3.4409, reported the Sin Chew Daily, quoting information from Bloomberg.

That was a slide of 0.3% from Thursday’s closing.

From there, it briefly stopped falling and even rose slightly to 3.4279.

However, the stabilisation couldn’t be maintained and the ringgit then plunged to 3.4419 in the intraday session — another record low.

It recovered somewhat after that and was somewhere around 3.43 late on Friday night.

Ringgit fares better against USD

The ringgit fared slightly better against the United States dollar (USD), opening at 4.6210 on Friday (9 June), a slide of 0.05%.

By 11am, it had gone up to 4.6120.

At one point, it even reached a high of 4.6027.

Malaysia not in crisis: Central bank

In response to the fluctuations, Bank Negara Malaysia (BNM) expressed confidence in their ability to control the situation, reported the New Straits Times (NST).

The Malaysian central bank’s assistant governor Adnan Zaylani Mohamad Zahi said on Thursday (8 June) that he doesn’t see the ringgit hitting RM5 against the USD.

He called it “unrealistic” as this would mean the country is in a crisis.

Malaysia is “definitely not in a crisis”, he stated, adding,

So, there’s no reason to be hung up over levels of ringgit.

Ringgit went down to 3.41 before June holidays

Shortly before the June holidays started, the ringgit went down to 3.41 against the SGD.

That was already an all-time high for the SGD and a boon for Singaporeans intending to travel to Malaysia.

Just a few months ago in February, the ringgit was at 3.31 against the SGD.

At the time, Malaysia’s Ministry of Finance (MOF) assured that there was nothing to be worried about.

For Singaporeans dithering over holiday travel plans, perhaps it’s time for an affordable trip across the Causeway.

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Featured image adapted from Brad Wofford on Facebook on Sadie Teper on Unsplash.