The Singapore dollar has climbed back above the RM3.20 mark, reaching its strongest level against the Malaysian ringgit in nearly three months.
On Tuesday, 8 September, the Singapore dollar rose as much as 0.31% to around RM3.207 during intraday trading, according to Bloomberg data cited by 8world.
That was the highest SGD/MYR level since 22 June.
As at 1.26pm on Tuesday, S$1 was worth about RM3.2066, with the Singapore dollar up around 0.3% for the day.
Singapore Dollar Has Been Climbing Since Start of September
The latest move extends a rebound that began after the Singapore dollar weakened to around RM3.158 against the ringgit at the end of August.
According to Bloomberg data reported by 8world, the Singapore dollar began strengthening again from 1 September and had climbed for five consecutive trading days by Tuesday.
In other words, those heading across the Causeway are once again seeing an exchange rate beginning with the very familiar number “3.2”.
Of course, the rates offered by money changers and payment providers will not necessarily match wholesale market rates exactly.
Ringgit Also Weakened Against US Dollar
The movement was not limited to the Singapore dollar.
The Malaysian ringgit also weakened against the US dollar on Tuesday, falling as much as 0.23% intraday to RM4.0572 per US dollar. At 1.26pm, it was trading at around RM4.0548 per US dollar, down about 0.17% for the day.
8world reported that the US dollar had been supported by stronger-than-expected US employment figures and cautious investor sentiment amid tensions in the Middle East.
US data released on 4 September showed that the economy added 162,000 jobs in August, far above the 56,000 economists polled by Reuters had expected.
The stronger employment numbers prompted markets to reassess the outlook for US interest rates, giving the dollar an initial lift.
Exchange Rates Can Still Move Quickly
While S$1 crossing RM3.20 may be welcome news for Singaporeans travelling to Malaysia, foreign exchange rates can change throughout the trading day.
The RM3.207 figure was an intraday market level rather than a guaranteed rate that travellers will receive when exchanging cash.
For now, however, the Singapore dollar has recovered substantially from its late-August level and is trading against the ringgit at levels not seen since late June.
