The ringgit has been the worst-performing currency in South East Asia for 2023
SINGAPORE: This week, the Singapore dollar has posted a record high against the Malaysian Ringgit. On July 13 , it reached SGD1=RM3.47.Screenshot: Google. July 13, 2023And while many Singaporeans may be rejoicing and packing their bags for trips across the Causeway, the ringgit’s decline toward a 24-year low is causing speculations that Bank Negara Malaysia, the country’s central bank, will step in.
“Another drop of almost 2 per cent will bring the currency to its 2022 low versus the dollar, which was the weakest level since 1998.
Lower commodity prices are also one reason why the ringgit has been affected, including the price of palm oil, sweet crude and natural gas, which form a large portion of Malaysia’s shipments. /TISG
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