Singapore dollar creates fresh record against Malaysian ringgit

The Singapore dollar has created a fresh record high against the Malaysian ringgit this afternoon by reaching as high as S$1 to RM3.1481, according to the Bloomberg data.

It was toppled around 4.40pm. By 5pm, however, the exchange rate had eased back to S$1 to RM3.1451.

Singapore dollar (left) and Malaysian ringgit.
Singapore dollar (left) and Malaysian ringgit.

The previous record - S$1 to RM3.1479 - was set on January 18 this year.

The exchange rate saw a spike on Thursday when it climbed to S$1 to RM3.1421, from S$1 to RM3.1274 on Wednesday.

The movement was more modest on Friday but was enough to push the Singdollar to a new record high against the ringgit.

Earlier on Friday, after the Republic's fourth-quarter gross domestic product for 2016 came in a tad short of market expectations, the Singdollar had eased to an intraday low of 1.4183 against the greenback.

The Ministry of Trade and Industry (MTI) said that Singapore's economy grew 12.3 percent in the October-December period from the previous three months on an annualised and seasonally adjusted basis. This was higher than the government's initial estimate of 9.1 per cent.

Garima Kapil
Garima Kapil – Senior Writer

Garima Kapil has around five years of experience in the field of writing and editing. Specialised in writing, performing proof-reading and text editing functions along with content ideation; she has worked with leading e-commerce and as a freelancer. She writes on lifestyle, news, telecom, travel, education, healthcare, immigration, along with other subjects required as a full-time writer and freelancer. 


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