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.
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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Featured image by Depositphotos
