S$1 to RM3.50: Singapore dollar hits all-time high against the Malaysian ringgit

The Singaporean dollar has reached a record heights against the Malaysian ringgit.

As of 10.25pm on October, 23rd, the Singapore dollar stands at S$1 to RM3.50 — the highest since July this year.

The Malaysia’s currency has been weighed down by a slump in exports partly due to a slowdown in China, rising yields in the United States and risk driven by the Israel-Hamas conflict.

The Singapore dollar is supported by the management of the trade-weighted SGD exchange rate by maintaining the prevailing rate of appreciation of the S$NEER policy band. This is seen as necessary to counteract the impact of rising import prices and to keep domestic cost pressures in check, ultimately ensuring price stability in the medium term.


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