Singapore dollar hits an all-time high of 3.57 against the Malaysian ringgit

The Singapore dollar (SGD) has surged to an all-time high against the Malaysian ringgit (MYR), crossing the 3.57 mark as of 20 February 2024 at 9:43 PM. (GMT+8)

As at time of writing, the Singapore dollar is trading at RM3.5731.

Source: Google Finance

For Malaysia, the continued weakness in its exports has been a significant concern. This downturn in export performance can be linked to sluggish global demand and competitive pressures, which directly impact the country’s trade balance and, consequently, the value of its currency.

Additionally, “external factors” such as the rate hikes by the United States Federal Reserve have exerted pressure on emerging market currencies, including the Malaysian ringgit. These rate increases tend to attract investors towards US-denominated assets, leading to a depreciation of other currencies. Geopolitical concerns and uncertainties regarding China’s economic prospects further contribute to the volatile global economic environment, affecting investor sentiment and causing fluctuations in currency values.

In contrast, the Monetary Authority of Singapore (MAS), has maintained its monetary policy unchanged, continuing its tight stance as the city-state grapples with persistent inflation. Unlike most countries where central banks adjust interest rates to influence economic activity, Singapore’s monetary policy is primarily centered on managing the exchange rate. The MAS allows the Singapore dollar to appreciate or depreciate against the currencies of its major trading partners within an undisclosed band. This strategy aims to stabilize prices and maintain competitiveness, thereby directly influencing the value of the Singapore dollar.


S$1 to RM3.40: Singapore dollar hits record high against the Malaysian ringgit

A new high against the Malaysian ringgit

The Singapore dollar has reached a new record high against the ringgit today, 11 November. According to data from Forbes, the Singapore dollar has reached a new high of 1 SGD = RM3.400738. 

Last week an article by Straits Times shows that analysts project the ringgit to drop to RM3.35 to RM3.45 range against Singdollar due to the ringgit volatility. With strong economic fundamentals, the Singapore dollar has remained resilient and has been one of the better-performing global currencies as compared to its Southeast Asian peers. Given the outlook for inflation, the Singapore central bank uses the exchange rate rather than interest rates to stabilise prices.

MAS reacts to high inflation by allowing the Singapore dollar to appreciate against peer currencies, thereby driving down the cost of imported goods in local currency terms.


We could see long queues at money changers soon. 

Top image via Depositphotos.


S$1 = 1000 KRW: Singapore dollar hits 13-year high against the Korean won


Asian currencies have broadly declined against the buoyant US dollar, sliding to levels not seen since the Asian financial crisis.

Among the worst-hit currencies is the Korean won which extended losses this month, dragged down by the U.S. Federal Reserve’s aggressive monetary tightening. South Korea which is export-dependant also comes under increasing pressure with higher oil prices and a deteriorating trade balance.

On the flip side, the Singapore’s dollar has been resilient against the US dollar. To fight inflation – which is expected to keep rising – the Monetary Authority of Singapore (MAS) allows the Singapore dollar to appreciate against peer currencies. This helps to slow the inflation momentum and ensure price stability thereby driving down the cost of imported good in local currency terms.

The SGD/KRW crossed the 1000 mark on Sep 30, 2022

On Friday, the SGD/KRW went above the 1000 support, a level not seen since March 2009.

According to the CashChanger’s site, one can get a rate of approximately S$1 = 975 KRW at local money changers in Singapore on Friday, Sep, 30, 2022. That’s a good rate if you are planning a travel to South Korea any time soon.







€1 = S$1.41: Singapore dollar now at all-time high against the euro

The Singapore dollar has hit an all-time high against the euro yesterday (Jul 12).

The Singapore dollar reached a record high of S$1=€0.71 (or €1 = S$1.41) on Tuesday, up about 9% since the start of the year. Fear that an energy crisis in Europe and the war in Ukraine will plunge the region into a recession has caused the euro to depreciate. The slide of the euro also saw that it reaches parity against the US dollar in two decades.

Source: European Central Bank

According to historical data, the last time the Singapore dollar hits €1 = S$1.41 was back in February 1985.

To fight inflation, Singapore has adopted an aggressive monetary policy by appreciating the Singdollar. The stronger Singapore dollar also saw that it strengthen against several currencies in the region including the Malaysian ringgit (S$1 = RM3.15), Thai baht (S$1 = THB25.72) and the Indonesian rupiah (S$1=10,637 IDR).



How To Carry Foreign Currency When Traveling

Armed with a debit card and a stack of American dollars, my significant other and I went on a vacation recently. We needed to unwind as we take a step back from the hustle and bustle of the city.

One thing is for sure! It was a good idea for us to research on how to carry foreign currency in a country we have not been before. Consider the following methods to safely convert your money to foreign currency while traveling.


Credit cards are best used for significant purchases such as hotel reservations, car rentals, and airline tickets. Credit card purchases are usually exchanged at the interbank exchange rate, which leans towards your advantage. What’s more? There are credit cards that rub off their rewards such as added travel insurance or airport lounge access.

The only downside with carrying mere credit card is that some restaurants or stores do not accept credit card transactions. While there are advantages in carrying a credit card, keep in mind the charges that can add up quickly as you return home.


Arguably the most convenient and cheapest way to get local cash is to swipe your debit card through the ATMs. You will reap the same interbank exchange rate when you make cash withdrawals through your ATM or debit card as you do when you make a credit card purchase. Spend directly from your bank account with your Visa or MasterCard debit card when you go overseas. Simply ensure that you are aware of the in tree international transaction fees that come with it.

The downside to using your debit card is its foreign ATM use and currency conversion fees. Research on this.

#3: CASH

For immediate purchases that you must consume within the first 24 hours, it is a good idea to carry an ample amount of foreign currency. Before you leave Singapore, remember to exchange your SGD to foreign currency to handle expenses such as taking a cab or buying a meal. Use your cash until you can find the nearest ATM.

It goes without saying that you would not get the greatest conversion rate from your home country. However, it provides a cushion for your immediate expenses and prevents you from being stranded. If you are traveling to a major international airport or a well-known city, you probably do not need to hoard cash as ATMs are of access.

Image Credits:


When you are traveling or living overseas, it is entirely impossible that you will not need to spend money in the local currency. Whether you are paying for your essentials or sending money back home, there are several ways to secure your funds.

Research is your best-friend! Know where to get or how to convert your funds while you travel. Bring a small amount of foreign currency abroad unless you can guarantee that the conversion rate is favorable to you.

Nonetheless, you may carry your local currency along with your plastic cards as you cross different countries. Convert your local currency periodically when needed.