On May 1 and 2, 2023, the Singapore dollar rebounded to its former peak against the Malaysian ringgit, as predicted six months earlier.
The exchange rate reached S$1 to RM3.41, hitting a peak of S$1 to RM3.4077 at 3:30pm on May 2 before dropping to RM3.3431 at 4pm. This marks the third time that the exchange rate has reached S$1 to RM3.40.
Singapore Dollar High
The Malaysian Ringgit is depreciating against the Sing Dollar partly because of Singapore’s aggressive monetary policy. The Monetary Authority of Singapore has tightened its monetary policy five times in 12 months from October 2021 to October 2022, according to its Apr. 14, 2023 report.
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