‘Time to go to JB!’ Singaporeans react to ringgit falling to lowest rate against Singapore dollar in 10 months
According to reporting from Bloomberg, Malaysia's currency fell 0.2 per cent on Wednesday (Sept 9) to 3.2162, marking a 10-month low against the Singapore dollar This article ( ‘Time to go to JB!’ Singaporeans react to ringgit falling to lowest rate against Singapore dollar in 10 months ) first appeared on The Independent Singapore News .
Malaysian ringgit dropped to its weakest level against the Singapore dollar in around 10 months, prompting some Singaporeans to consider a visit to Johor Bahru. The ringgit had already reached a 26-year low in February 2024, but has recently begun to weaken again. Analysts don't expect this trend to continue for long, as the Singapore dollar remains strong and is seen as a safe haven by investors.
Foreign outflows from Malaysia, totaling US$486 million in August and US$122 million in the first week of September, have contributed to the ringgit's decline. Rising fuel prices, following renewed conflict between the United States and Iran, may have also played a role. While most Singaporeans appeared to be excited by the news, some noted that those most pleased are Malaysians working in Singapore.
Some experts believe the Singapore dollar's safe haven status will only strengthen further, given the current political climate.
Written by urgent.news from The Independent Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
