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Ringgit hits new low of RM3.50 against Singapore dollar; further slide expected

Central bank says Malaysia economy ‘not in crisis’ as the fundamentals and banking sector remain resilient

Tan Ai Leng

Published Tue, Oct 24, 2023 · 07:30 PM
    • The ringgit has fallen to its lowest level since the Asian financial crisis, but Bank Negara stresses that Malaysia is not in a crisis as the banking sector remains strong.
    • The ringgit has fallen to its lowest level since the Asian financial crisis, but Bank Negara stresses that Malaysia is not in a crisis as the banking sector remains strong. PHOTO: BLOOMBERG

    [KUALA LUMPUR] The Malaysian ringgit – already one of Asia’s worst-performing currencies in 2023 – sank to a new low of RM3.50 against the Singapore dollar on Tuesday (Oct 24), with economists expecting the downtrend to continue as the US dollar strengthens further.

    Since the start of the year, the ringgit has fallen by nearly 6.6 per cent against the Singapore dollar, from RM3.2742 on Jan 3.

    Against the greenback, the ringgit was trading at RM4.7850 on Tuesday – 8.6 per cent weaker than the rate at the start of the year – as the Malaysian currency continues to be affected by declining exports and a growing interest-rate differential with the US.

    MalaysiaRinggitAsean BusinessAseanSingapore dollarCurrenciesUS dollar

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