The Malaysian ringgit continued to weaken against the Singapore dollar resulting in some money changers in Singapore running out of the Malaysia currency as demand surged, CNA reported.
Sold out
There were money changers that did not see queues — only because their Malaysian ringgit were sold out.
At least seven money changers at The Arcade were out of Malaysian ringgit by about 2:30pm.
It was reported that customers changed up to S$3,000 to S$4,000 worth of Malaysian ringgit each.
The Singapore dollar has hit yet another all-time high against the ringgit.
The exchange rate on Aug. 3, 2022 is S$1 to RM3.23.
The previous reported all-time high was on May 23, 2022, when the exchange rate hit S$1 to RM3.19.
It was reported at that time that it was not due to any one individual headline catching event, but the technicalities of Singapore’s monetary policy that created the all-time high.
Singapore has pursued a more aggressive monetary policy by appreciating the Singdollar at a faster pace and at a higher level, while Malaysia has maintained a relatively neutral stance to combat inflation.
The Monetary Authority of Singapore (MAS) tightened its monetary policy three times since late 2021.
One analyst said in April 2022 that the lowest the ringgit is expected to go for 2022 is 3.18 and will maintain at 3.05 for the rest of the year.
That low has apparently been breached.
The Singapore dollar has been rising against the Malaysian ringgit since late April 2022, with money changers in Singapore running out of ringgit due to the demand.
Ringgit depreciating against Sing dollar over many years
Over the much longer medium term, the Malaysian ringgit has been depreciating against the Singapore dollar since 2018.
In July 2015, the ringgit was already considered to have been trading at a low when it hit RM2.81 to S$1, which makes the current rate unprecedented.
Currency watchers have been having field day.
Those following the ringgit’s depreciation noted that S$1 could exchange for RM3.22 on July 28, 2022.
In Johor Bahru, where Sing dollars are accepted for retail shopping in some places, it was observed that merchants had pegged S$1 to RM3.21 on Aug. 1, 2022.
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