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
[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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Asean
Malaysia’s Anwar says to cut fuel subsidy at the ‘right time’
Indonesian farmers harness tech to shield crops from El Nino’s wrath
Capital A’s Teleport targets rapid growth after airline spinoff
Malaysian carbon exchange to host first local carbon credit auction in July
Indonesia considers extending rice handout programme to year-end
Johor eyes Shenzhen-style hub with Singapore