S’pore Dollar Increases Against Ringgit, Time To Change Money Liao

By
Zhi Hao
-

Last Updated on 2018-10-05 , 9:56 am

Do you fancy yourself as a cheapo?

That is; are you constantly on the lookout for the cheapest deals possible because you can’t get enough of those cheap deals?

Image: Tenor

Or are you one who has downloaded the Goody Feed app because we publish deals regularly?

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Well if you are, I’ve got some great news for you. Our friendly neighbours Malaysia is currently hosting a grand promotion for conversion of currency, and it’s a pretty sweet ratio here.

1:3

Yes, my dear cheapo ladies and gentlemen…

The Malaysian rush is back on, full throttle!

Time to change that moneyyy

The Singapore dollar has been ascending against the Malaysian currency for a while now, and it shows no signs of stopping.

On Wednesday (26 September), the Singapore dollar reached RM3.0363, the highest figure since Singdollar touched RM3.0417 on 29 Dec last year (2017).

Image: Know Your Meme

But of course, don’t gong gong go to any money-changer and expect that rate. They still need to earn money, but you get the drift: Singapore dollars is getting stronger.

According to the analysts, a number of factors, including the strength of the Singapore dollar itself, political and economic concerns in Malaysia and rising US-China trade tension can be attributed to the appreciation.

“The Singapore central bank is guiding the Singdollar to strengthen gradually. Since April, the Singdollar has been strengthening against the majority of its trading counterparts including the ringgit, yuan, euro and sterling since April. That’s probably one of the major drivers of strengthening against ringgit,” said Ms Margaret Yang Yan, market analyst at CMC Markets Singapore.

Also, investor confidence in the ringgit is pretty low. And generally lacklustre.

“Brent oil hitting its highest level since 2014 should have been positive for the ringgit. But political and trade concerns in Malaysia, coupled with the recent changes in their government have somehow darkened the outlook of ringgit,” Ms Yang said.

(Article continues below) Xing Xing is a 34-year-old Singaporean lady who decides to meet up with an online friend she found in Facebook. But it turns out that he’s not what he seems to be: Prepare boxes of tissue and watch the saddest Singapore Facebook love story here:

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Disappointment

Additionally, Malaysia’s economy expanded at a much slower annual pace (than expected) of 4.5 per cent in the second quarter, which led to a general sense of disappointment in the market.

“The real growth impact will cause a bit of concern on the sentiment on their currency,” UOB Private Bank investment strategist Francis Tan said.

However, he also acknowledged Malaysia’s recent efforts to brush up its economic health.

“They’ve acknowledged the fiscal concerns that investors have and come up with moves to support revenue. They’ve also lowered its costs by removing some projects,” Mr Tan said.

“They are signalling the market that they are doing their best to improve the economy. All these moves are pretty supportive of the ringgit or it could be worse,” he added.

So rest assured, Malaysians. It seems that the economy wouldn’t stay this bad for long.

But as your friendly neighbours, we feel compelled to help you out. So allow us to exchange some money, hop over to your side and dough out some dollars.

The relatively new Paradigm Mall is not too bad leh.

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Zhi Hao
Email: [email protected]