1 Singapore Dollar To Ringgit Has Hit RM3.30
In 2018, SGD1 was mostly below RM3.00.
By Yap Wan Xiang — 16 Feb 2023, 04:56 PM
The Malaysia ringgit has depreciated against the Singapore dollar to RM3.3044 at yesterday's close, 15 February
According to China Press, the Singapore dollar strengthened after the announcement of the country's 2023 Budget, as it was said to be well-received by many quarters.
Senior economic analyst and Socio-Economic Research Centre (SERC) executive director, Lee Heng Guie, told the daily that the Budget has comprehensive policies and a strong focus on sustainability.
"The latest Budget reflects Singapore's competitiveness and forward-lookingness, such as the plan to implement a global minimum tax rate of 15% for multinational companies (MNCs) in 2025, indicating that their policies want to keep pace with the times," said Lee.
The weakening of the ringgit against the Singapore dollar is currently at its lowest since 23 November last year when SGD1 was RM3.3119
In late April 2021, news of the ringgit exchange rate dipping to RM3.1665 against the Singapore dollar, a record-setting low at the time, made headlines in both countries.
Singaporean money changers reportedly ran out of notes for their customers during the period.
From then until now, the Singapore dollar has appreciated about 4.1% against the ringgit.
For context, SGD1 hovered below the RM3 mark for the most part of 2018. Between 2019 and 2020, SGD1 was floating above RM3.
From 1 January 2022 until today, 16 February, the Singapore dollar has strengthened more than 6.5% against the ringgit.
