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Ringgit continues downward spiral to hit fresh low of RM3.55 to Sing dollar

The Malaysian currency is approaching a historical low against the US dollar

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Tan Ai Leng

Published Wed, Feb 7, 2024 · 08:00 PM
    • Although the weakening ringgit may benefit Malaysia’s exporters, most business owners in the country are feeling the pinch of rising costs.
    • Although the weakening ringgit may benefit Malaysia’s exporters, most business owners in the country are feeling the pinch of rising costs. PHOTO: BT FILE

    [KUALA LUMPUR] The Malaysian ringgit – the worst performing currency in emerging Asia in 2023 – slid into new territory on Wednesday (Feb 7) morning as it touched a historical low of RM3.55 against the Singapore dollar.

    It improved slightly to RM3.545 in the evening, with the exchange rate likely to be cheered by the thousands of Singaporeans who are expected to cross the Causeway over the upcoming Chinese New Year weekend.

    Compared to a year ago, the ringgit has depreciated by about 10.5 per cent against the Singapore dollar. Over the past 20 years, the ringgit has fallen by 60 per cent from the point when one Singdollar could buy RM2.24.

    MalaysiaRinggitAseanAsean BusinessAnwar IbrahimNajib RazakSpotlight

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