Our Malaysian currency has grown weaker as the years passed. For a while now, our currency has been constantly falling due to overseas uncertainties and non-profits within the country.
Today (Tuesday, 23rd May), our exchange rate against Singapore Dollars reaches an all-time low compared to the past. While the exchange rate from Malaysia Ringgit to U.S. Dollars is 4.57, our exchange rate to Singapore Dollars has hit 3.40 as of now. This sets a whole new lowest record.
This Monday, the currency rate hit 3.3829 on the market. It has been depreciating since and reached its lowest today. According to Bloomberg, Malaysia Ringgit to Singapore Dollars dipped 0.19%, making it the lowest ever since the separation between Malaysia and Singapore.
On the Bank of China’s official website, it showed that the decline of the ringgit against SGD has slowed down over the months. The last lowest record of the ringgit exchange rate was on 7th November last year. At that time, 1 Singapore Dollar exchanged to 3.3795 Malaysia Ringgit. And today, that record has been broken.
Source: China Press
