S$1 to RM3.5: Singdollar surges to new high against ringgit
The Singapore dollar has surged to a new high against the Malaysian ringgit, reaching 3.5086 versus the ringgit in the early morning of Tuesday.
The exchange rate first breached the 3.5 mark at 10.21pm on Monday, according to Bloomberg data. The rate fluctuated but was largely floating above 3.5 overnight until 9.05am on Tuesday.
The spot price fell to 3.4987 at 9.06am before going above 3.5 again at 10.13am.
Bloomberg reported last week that the ringgit was weighed down by weaker exports and its widening rate differential with the United States.
On the other hand, the Singdollar was supported by five successive rounds of policy tightening until October 2022.
The closing price for the currency pair was 3.2743 at the start of 2023.
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