Singdollar rises strongly against Malaysian ringgit
S'pore's stability supporting its currency amid an outflow of funds from the region
The Singapore dollar has risen strongly against the Malaysian ringgit to a four-month high, in a boon for locals travelling or shopping across the Causeway.
In the last two weeks alone, the Singdollar has surged about 1.1 per cent to RM2.6054 yesterday, from RM2.5767.
Since May 22 last year, the local currency has gained a hefty 8.8 per cent against the ringgit.
However, shoppers will not be able to obtain quite the current money-market rate of RM2.6054 at money changers, who add their own margin to make a living.
In Singapore, we are unique in that rich people from China and the US will still want to put some money here due to the stability and infrastructure. This helps the Singdollar to remain strong.
- Mr Wu Mingze, a market analyst at forex trading firm Oanda