The Great Singapore Sale might be over, and 11.11 Sale has just ended, but there’s still a “sale” that has made Singaporeans queue up and stock up in bigly large quantity: ringgits.
After the POTUS election, since 9 November 2016, the exchange rate for Singapore dollars to Malaysia ringgits has been in Singapore’s favour.
In a XE currency chart, the lowest rate on 9 November 2016 is 1 is to 3.0049, and on 11 November 2016, it spiked to a high 1 is to 3.1932.
Money changers usually sell the ringgits at a higher price, but based it on the global exchange rate. According to an Asiaone report, on 11 November 2016, the popular money changer at The Arcade reportedly sell it between 3.035 and 3.05.
It reported a 30% increase in the sale of ringgit.
Usually, a spike in sale is due to a long weekend, but this time, everyone was stocking up because hey, who could resist a “sale”?
Following this demand, the money changer sold out its stock of RM300,000 within four hours after it opened.
But here’s the bad news if you intend to, just like many Singaporeans and Malaysians in Singapore, stock up on ringgits: in the XE currency chart, the rate has dropped back to 3.034, which means you would most likely be getting less than RM3 for each SGD$1 now.
Featured Image: Blog – Get4x
This article was first published on Goodyfeed.com
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