Singapore Money Changers Running Out of Ringgit

As the Singapore dollar gained strength against the Malaysian ringgit, reaching a recent high of S$1 to RM3.41, there has been a surge in currency exchanges, with some money changers even running out of ringgit. Exchange dealers in and around The Arcade at Raffles Place reported an increase in customers ranging from 10 to 30 percent.

Money Changers

This shift follows the exchange rate exceeding S$1 to RM3.40 for several days, with the rate standing at S$1 to RM3.41 on May 24. One counter managed to offer S$1 to RM3.37, but the demand for currency exchange led to them running out of ringgit by May 25.