SINGAPORE: After a report on Wednesday (Sep 9) that the Malaysian ringgit had fallen by 0.2% to RM3.2162 to S$1, some Singaporeans suggested that it was time for some trips to Johor Bahru.
After sinking to a 26-year low in February 2024, the Malaysian currency began to strengthen a few months later, and was even touted as Asia’s best-performing currency.
It has, however, begun to lose ground of late, though analysts don’t necessarily expect this to be prolonged.
According to reporting from Bloomberg, the ringgit’s most recent fall has brought it to its weakest level against the Singapore dollar in around 10 months.
The report said that the fall comes as the ringgit is “weighed by foreign stock outflows” while the Singapore dollar has remained strong, with investors preferring a currency long perceived to be a safe haven.
Bloomberg reported that Malaysia saw US$486 million (S$614.89 million) in foreign outflows in August, as well as US$122 million (S$154.35 million) in the first week of September.
Part of the reason for investors’ warned are rising fuel prices in the wake of renewed fighting between the United States and Iran.
What Singaporeans are saying
The news of the Malaysian’s ringgit’s fall appeared to be a cause for celebration, at least for some Singaporeans online.
“Time to go JB,” as a Facebook user wrote.
“Yahooo, spend more time in Johor Bahru,” another added.
One wrote that they were “Waiting for 3.50 to come back!!”
Another, however, pointed out that the people who are most pleased by the news are Malaysians working in Singapore.
On Reddit, a user on the platform pointed out, “Honestly, a matter of time. SGD’s safe haven status is only going to get stronger, as an island of competence and sanity in a world filled with insane governments.” /TISG
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