The Singapore dollar hit an all-time high of SGD$1 to RM3.1984 on Tuesday as of 3.30pm, prompting long queues to spawn at many money changers across Singapore.
Money changers spoke to The New Paper and said that they are expecting the high demand for the ringgit to continue as it weakens against the SGD, and with many people keen to shop across the border.
However, they (the money changers) added that business is still not back to the pre-pandemic levels despite the increase in business, although it is helping the industry’s recovery.
They added that recovery for the industry is still some time away.
The money changers also said that demand for currencies such as the Thai baht, Japanese yen, Indonesian rupiah and Vietnamese dong are also increasing.
This is because of the resumption of travel across the region.