The Singapore dollar has reached a new high (again) against the Malaysian ringgit, with the exchange rate rising to SGD$1 to RM3.24, as of 12 August.
According to xe.com (an online currency converter), the exchange rate between the two currencies is SGD$1 to RM3.2424035 (to be exact).
The Singapore dollar has been rising steadily against the Malaysian Ringgit for a while now, with experts citing singapore’s continued economic growth as the reason.
The exchange rate even went as far as SGD$1 to RM3.25 on 10 August.
Channel NewsAsia reported back in May that Singapore’s policy of appreciating the Singapore dollar at a faster pace and higher level than the banks of Malaysia, played a part in the SGD’s rising value.
It is pretty safe to say that the long queues at money changers will not be subsiding for now.