SINGAPORE: The exchange rate of the Singapore dollar against the Malaysian ringgit reached an unprecedented level, exceeding 3.559 ringgit per Singapore dollar yesterday (19 Feb), setting a new record high.

According to a report by Bloomberg, the upward trend started at 10am, when the exchange rate rose to 3.555 ringgit per Singapore dollar, marking a 0.15% increase from the closing price on Feb 16.

Subsequent data from the Bloomberg website indicated a continuous climb, reaching 3.556 ringgit by nearly 2pm.

The surge peak occurred at 3:56pm when the exchange rate reached 3.559 ringgit, with 1 Singapore dollar equivalent to 3.5595 ringgit.

Even by 4:59 pm, the rate remained high at 3.55, resulting in 1 Singapore dollar being exchanged for 3.5595 ringgit. The day concluded with the exchange rate settling at 3.5571 ringgit.

Year-to-date analysis reveals a significant appreciation of the Singapore dollar against the ringgit, with a rise of nearly 2.2% since the beginning of the year.

Experts attribute this surge to the Malaysian ringgit’s recent downward trend against the U.S. dollar, coupled with weak export performance.

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Experts foresee the potential for the U.S. dollar to hit a new high against the ringgit as the economic dynamics continue to evolve. Investors and economists are closely monitoring the situation, anticipating its impact on regional currencies.

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