The Malaysian Ringgit (MYR) recorded its lowest-ever level against the Singapore Dollar (SGD) earlier this morning, surpassing 3.53 for the first time.
According to the XE.com exchange rate chart obtained by WORLD OF BUZZ at 1.25pm today, SGD1 is now at MYR3.53355, surpassing the previous lowest of 3.52692 on 14 December last year.
Furthermore, according to BFM News on X which also reported on our currency’s plummet against SGD, MYR has weakened more than 1.5% since the start of this year.
The Singapore dollar has hit another new all time high against the Malaysian ringgit, surpassing 3.53 this morning.
The ringgit weakened more than 1.5% since the start of this year.https://t.co/Pt2ajcCzDl pic.twitter.com/7COvsMzTHA
ā BFM News (@NewsBFM) January 23, 2024
MYR also opened lower against the United States Dollar (USD) today, whereby at 9.05am today, MYR depreciated to 4.7350/7400 against USD compared to yesterday’s close of 4.7280/7335 according to BERNAMA.
The national news agency further reported that MYR went down against other ASEAN currencies, 13.2931/3131 against the Thai Baht (THB) and 302.7/303.2 against the Indonesian Rupiah (IDR). However, MYR is unchanged against the Philippine Peso at 8.40/8.42.
Historically, over the past 10 years, MYR’s best performance against SGD was in 2013 when SGD1 was worth RM2.38. In just 2 years after 2013 though, MYR became increasingly devalued against SGD, with the Singaporean currency tripling the value of MYR in 2015.
In relation to that, did you know that Malaysia, Singapore and Brunei used to have an agreement that would make MYR, SGD and Brunei Dollar (BND) always worth the same and interchangeable in all three nations?
Source: Business Times
Called the Currency Interchangeability Agreement 1967, the agreement is still in place between Singapore and Brunei, hence the reason why SGD1 is always worth BND1 up until today. For reference, Malaysia pulled out of the agreement in 1973 as it no longer benefited our country.
So, what do you guys think of the current exchange rate between Malaysia and Singapore? Share your thoughts with us in the comments!
Also read: Māsian Ringgit Falls to Lowest Level in 25 Years, The 2nd Worst Performing Currency in Asia
