Ringgit rallies, erasing year’s losses against SGD
Favourable external conditions and rosier prospects have strengthened the Malaysian currency by nearly 4% this year
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THE ringgit – named the worst-performing currency in emerging Asia last year – has erased all its losses for the year to gain 3.7 per cent against the Singapore dollar since January.
The star performer in Asia in the past three months, the Malaysian currency was trading at 3.35 against the Singapore dollar as at 5.30 pm on Monday (Aug 5) – a threshold last breached in May 2023.
The Malaysian currency hit a 26-year low of 4.8052 against the US dollar on Feb 21, when it was at its weakest level since the Asian Financial Crisis in 1998. That day, the ringgit traded at a record-low of 3.57 against its Singapore peer.
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