Singapore Dollar Sky‑Watches, Ringgit Takes a Plunge
Today, the powerhouse of the East—aka Singapore—saw its currency shoot up like a rocket to RM3.30, the highest it’s hit since 1965. Money changers went from slow‑moving to ultra‑fast.
Why the Rush?
Crante Money Changer in People’s Park Complex had sold more than RM100 000 worth of Singapore dollars in just a one‑and‑a‑half‑hour sprint, thanks to the newest policies from the Monetary Authority of Singapore (MAS). MAS, in its fifth straight tightening spree since last October, finally gave the dollar a “one‑time appreciation” boost. That meant the ringgit went a touch thinner, and folks were rushing to get a bit more bang for their buck.
Long Lines, Short Waits (Kind of)
The Chinese daily pulled a quick tour of money changers in malls, including Jem, where lines stretched like a rubber band decorated with dollar signs. Highlights:
- Real‑estate agent Chen, 42, trusted his gut that the round‑the‑clock rates would stay tasty. He jumped into Jurong Point to grab the deal.
- When he saw the quoted rates, he decided to hold off for a day or two, hoping for a sweeter line‑graph.
- His strategy: switch between RM10 000 and RM20 000 for his upcoming Malaysia trips.
Ringgit Lows Amid Fed Frenzy
A side‑kick to the Singapore surge: the Malaysian ringgit slid to an all‑time low against the US dollar. The drop follows a string of steep interest‑rate hikes by the Federal Reserve and political drama in Malaysia as general elections loom. Grab your wallets—it’s a wild ride!
Also Read
Want the full scoop on what a stronger Singapore dollar spells for locals? Grab our latest analysis on the ramifications for everyday Singaporeans.
