The Malaysian Ringgit (RM) has not had a great start to 2024, with its value against the Singapore Dollar (SGD) steadily decreasing.
After hitting a record low of RM3.56 to S$1 just two days ago, the threshold has been broken yet again.
Reports stated that the RM stood at 3.57 to the SGD on Tuesday (20 Feb) and appears to remain so at the time of writing.
According to Channel NewsAsia (CNA), the SGD was trading at RM3.568 as of 7pm yesterday (20 Feb).
Source: Google Finance
A check on Google Finance at the time of writing shows that the rate has more or less remained.
Rounding up the figures, this means that S$1 can now fetch you RM3.57.
CNA reported that the current rate is the lowest level that the Ringgit has hit since the Jan 1998 Asian Financial Crisis.
The decline in value of the currency has been attributed to the poor performance of exports as well as increasing interest rates in the United States (US).
Other factors include geopolitical concerns and lack of confidence in the economic prospects in China.
However, Bank Negara Governer Datuk Abdul Rasheed Ghaffour assures the public that the present levels “don’t fully reflect the positive prospects of the Malaysian economy”, cited New Straits Times.
He shared that improvements in external demand and strong spending domestically could drive the Ringgit’s growth.
Datuk Abdul Rasheed also noted improvements in tourism and increase in investments as encouraging developments.
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