Singaporeans heading to Malaysia may have enjoyed a slightly stronger exchange rate on Monday (Aug 10), as the Malaysian ringgit weakened against the Singapore dollar.
The ringgit slipped past the RM3.20-per-S$1 level during early trading, reaching RM3.2005 for S$1 — its weakest level against the Singapore dollar in more than two months.
By around 11am, the exchange rate had improved slightly to RM3.1955 for S$1, compared with RM3.1926 at Friday’s close.
S$1 briefly gets RM3.20
For Singaporeans, the movement means S$1 could briefly be exchanged for more than RM3.20 based on the market rate.
At RM3.2005 per S$1, S$100 would be worth around RM320.05, before any money changer spreads or fees.
At the 11am rate of RM3.1955, S$100 would be worth around RM319.55.
For someone changing S$1,000, that works out to around RM3,200.50 at the day’s low point for the ringgit, compared with approximately RM3,195.50 at the 11am rate.
The actual amount received at a physical money changer may differ from these figures.
Ringgit remains under pressure against US dollar
The ringgit opened at 4.0900 against the US dollar on Monday and moved between 4.0860 and 4.0900 during the morning.
At around 11am, it was trading at 4.0885, broadly unchanged from Friday.
Bank Muamalat chief economist and head of social finance Dr Mohd Afzanizam Abdul Rashid said the weaker-than-expected US employment data could influence currency movements.
US non-farm employment reportedly fell by 23,000 in July, compared with market expectations for an increase of 88,000.
He expects the ringgit to trade between 4.07 and 4.09 against the US dollar.
For Singaporeans, however, the ringgit-Singapore dollar exchange rate remains the more important figure when planning trips across the Causeway.
Those heading to Johor Bahru for shopping, dining or other spending may therefore find that their Singapore dollars currently stretch slightly further when the exchange rate moves above RM3.20 per S$1.