{"id":10503,"date":"2023-10-24T16:19:52","date_gmt":"2023-10-24T08:19:52","guid":{"rendered":"https:\/\/daily.sg\/?p=10503"},"modified":"2023-10-25T19:00:53","modified_gmt":"2023-10-25T11:00:53","slug":"sgds-historic-leap-to-a-1-to-rm3-5-exchange-rate","status":"publish","type":"post","link":"https:\/\/daily.sg\/2023\/10\/sgds-historic-leap-to-a-1-to-rm3-5-exchange-rate\/","title":{"rendered":"SGD’s Historic Leap to a $1 to RM3.5 Exchange Rate!"},"content":{"rendered":"\n
    \n
  1. The Singapore dollar reaches a new high against the Malaysian ringgit, with an exchange rate of 3.5086 versus the ringgit.<\/b><\/li>\n\n\n\n
  2. YouTrip, a currency exchange and payment app, predicts a significant rise in transaction volume.<\/b><\/li>\n\n\n\n
  3. Bank Negara Malaysia is unlikely to raise its interest rates to stabilise the ringgit in the near term, according to the Bank of Singapore’s currency strategist.<\/b><\/li>\n<\/ol>\n\n\n\n

    Every dollar counts, folks.<\/p>\n\n\n\n

    This time round, it’s even more so; our Singapore dollar scales a new height.<\/p>\n\n\n\n

    Can’t stop admiring those sweet numbers?<\/p>\n\n\n\n

    We get you.<\/p>\n\n\n\n

    You see, the strength of a nation’s currency, after all, signifies the strength of its economy and global reputation.<\/p>\n\n\n\n

    So, what happened?<\/p>\n\n\n\n

    Why it happened?<\/p>\n\n\n\n

    Let’s break it down.<\/p>\n\n\n\n

    When S$1 Became RM3.5<\/h2>\n\n\n\n

    Locked in the heat, at precisely 10.21pm on Monday, the Singapore dollar (SGD) did an athletic stretch.<\/p>\n\n\n\n

    It leapt right over the 3.5 line against the Malaysian ringgit (MYR).<\/p>\n\n\n\n

    And boy, it did not just grace the line but stayed there, flexing its muscles all night until 9.05am on Tuesday.<\/p>\n\n\n\n

    Souce of this rousing debut?<\/p>\n\n\n\n

    The Straits Times<\/a> reports the enticing facts.<\/p>\n\n\n\n

    Moreover, it suggests that the SGD has taken support from not one, not two, but five rounds of policy tightening.<\/p>\n\n\n\n

    Now that’s what you call a comprehensive backup.<\/p>\n\n\n\n

    But wait.<\/p>\n\n\n\n

    There’s more to it.<\/p>\n\n\n\n

    The ringgit, on the other hand, got a tad weary.<\/p>\n\n\n\n

    Exports turning weaker and rate differential with the United States widening, perhaps pulled down its spirits.<\/p>\n\n\n\n

    Result?<\/p>\n\n\n\n

    A dipping spot price at 3.4987 around 9.06am on Tuesday before our sturdy SGD sprang back above 3.5 at 10.13am.<\/p>\n\n\n\n

    Your Trip with YouTrip<\/h2>\n\n\n\n

    The art of currency exchange, mastered by YouTrip.<\/p>\n\n\n\n

    Remember them?<\/p>\n\n\n\n

    They’re making waves in the sea of currency transactions.<\/p>\n\n\n\n

    With the ringgit’s value skating on thinner ice, there’s been a queue on their app.<\/p>\n\n\n\n

    Users can’t seem to resist spending in ringgit, more so when they notice it depreciating.<\/p>\n\n\n\n

    Of course, YouTrip’s keeping count.<\/p>\n\n\n\n

    Just look at their crystal ball.<\/p>\n\n\n\n

    It sees a whopping triple in last year’s transaction volume by the end of 2023.<\/p>\n\n\n\n

    That’s alarming, right?<\/p>\n\n\n\n

    Yeah, the news comes straight from their COO, Kelvin Lam as reported by Straits Times.<\/p>\n\n\n\n

    Ringgit Stance in the Dance of Interests<\/h2>\n\n\n\n

    On this side of the border, guess who’s calling the shots about the currency?<\/p>\n\n\n\n

    It’s none other than the Bank Negara, Malaysia’s central bank.<\/p>\n\n\n\n

    They could, if they wished, boost the interest rates<\/a> a bit to stabilise the ringgit.<\/p>\n\n\n\n

    However, to the suspense of many, they seem reluctant to do so.<\/p>\n\n\n\n

    The US is slowly turning the interest knob up, and there are rising winds outside, says Sim Moh Siong, a notable currency strategist from the Bank of Singapore.<\/p>\n\n\n\n

    This only means one thing \u2014 the fight’s not over.<\/p>\n\n\n\n

    The ringgit could continue to feel the heat.<\/p>\n\n\n\n

    The Impact Down the Street<\/h2>\n\n\n\n

    Now, here’s a penny for your thoughts.<\/p>\n\n\n\n

    All this currency rapport, forex trade – they’re not just for the big guns.<\/p>\n\n\n\n

    They echo down our market streets too.<\/p>\n\n\n\n

    The street-side shops buying foreign goods; the local exporter selling wares; the excited tourist planning a vacation; the humble remittance receiver who waits for his own share of sunshine \u2014 they’re all silent players in this game.<\/p>\n\n\n\n

    Each of their lives is intertwined with our SGD’s charm and the ringgit’s rhythm.<\/p>\n\n\n\n

    The amplification of the SGD only means more absoluteness for them.<\/p>\n\n\n\n

    So, folks, here we are.<\/p>\n\n\n\n

    Clear skies and a robust SGD.<\/p>\n\n\n\n

    Yet, the ringgit dances in turbulent winds.<\/p>\n\n\n\n

    As our Singapore dollar relishes its new high, do you think it’s going to stay there?<\/p>\n\n\n\n

    Or is there a twist in the tale?<\/p>\n\n\n\n

    What’s your take?<\/p>\n\n\n\n

    Let’s chat!<\/p>\n","protected":false},"excerpt":{"rendered":"

    1 SGD to RM3.5, the Singapore Dollar makes a new high! Explore why, understand the impact and predict the future of the Malaysian Ringgit with us. Join now!<\/p>\n","protected":false},"author":8,"featured_media":10504,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[15,437],"tags":[1509,1507,1506,1508,1510],"_links":{"self":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/10503"}],"collection":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/comments?post=10503"}],"version-history":[{"count":3,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/10503\/revisions"}],"predecessor-version":[{"id":10554,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/10503\/revisions\/10554"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media\/10504"}],"wp:attachment":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media?parent=10503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/categories?post=10503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/tags?post=10503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}