The increasing exchange rate between the Singapore Dollar (SGD) and Malaysian Ringgit (RM) has been well known in the two nations.
It culminated in a rate of 1 SGD to 3.50 RM in 24 Oct, which seemed to remain the limit in recent months.
However, the SGD exchange rate rose to a new high yesterday (13 Dec) when it hit 3.53.
The rate fell to 3.51 today (14 Dec), still higher than it had been for the past months.
Since the new high of the SGD in 24 Oct, the exchange rate has maintained at just below 3.50 since.
There was a brief exception on 28 and 29 Nov where it surged to 3.51 before returning to more normal values.
13 Dec, however, saw an abrupt spike, with the SGD exchange rate soaring to a record high of 3.53, according to website XE.
Source: Google Finance
The exchange rate next saw a drop and then a rise to 3.51 as of today (14 Dec).
Just in time too, with the December holidays in full swing.
Either way, it’s certainly a convenient period to exchange money for a quick trip across the Causeway.
In Oct, Free Malaysia Today reported that the SGD receives active intervention from the Monetary Authority of Singapore (MAS).
It allegedly does so to ensure that the SGD’s exchange rate with the US Dollar (USD) stays within a policy band. Malaysia does not do this with the RM.
The exchange rate has also played a major role in the increasing numbers of Malaysians crossing the border to work in Singapore.
At least they can enjoy a minor ‘pay raise’ with this news.
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Featured image adapted from k. hartman on Flickr and Wikipedia.
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