On March 18, Malaysia’s ringgit surged to its highest peak against the Singapore dollar, rising 0.2% to approximately 3.0615 SGD. This marks a significant milestone in domestic economy since 2021.
Highest level since February 2021
According to currency history, the highest trend recorded was 0.3298 Singapore Dollars per Malaysian Ringgit (about 3.03 MYR per SGD) back in February 2021.
Why the Ringgit is rising?
- Malaysia’s role as a net exporter of energy has helped the ringgit remain insulated from global market volatility, especially as crude and gas prices remain firm due to the Middle East crisis.
- Strong domestic economic performance, including robust GDP growth and increased foreign investment contributed to the currency’s growth.
- Singapore dollar has been under pressure as fuel prices weigh on economies depend on energy imports.
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