Yesterday, the Singapore dollar hit another milestone against the Malaysian ringgit, going up to a record high of S$1 to RM 3.1728 before 2pm, according to Bloomberg data. The previous high was RM3.16, which the Singdollar surpassed about five days ago. By early evening, the exchange rate had settled down at around S$1 to RM3.173, reports The Straits Times.
The Singdollar gained strength as the US dollar weakened, with the exchange rate holding at S$1.4036 per US dollar, while the Malaysian ringgit fell by 0.14 percent against the US dollar.
The ringgit’s downfall is partly a result of the depressed global oil prices, as Malaysia is a major oil producer.
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