Sgd to ringgit

KUALA LUMPUR, May 23 — The Singapore dollar hit an all-time high earlier today against the Malaysian ringgit, a report showed today.

“The Singapore dollar has been stronger on the appreciation front because of the policy moves,” said Saktiandi Supaat, head of FX Research at Maybank in Singapore to CNA. Currency strategist Sim Moh Siong at the Bank of Singapore noted that Malaysia’s central bank has been keeping its interest rate stable, although it did surprise recently by raising its benchmark lending rate by 25 basis points. “This policy divergence is benefiting the Singapore dollar,” Sim was quoted as saying, adding that the Singapore dollar is expected to remain strong in the near-term. “By then, the rate hike by the Malaysia central bank will move into higher gear,” said Sim, adding that the ringgit should also benefit from higher commodity prices once the global risk stabilises. However, it appreciated against the Singapore dollar to 3.1693/1717 from the previous day’s close of 3.1713/1728. International news outlet Channel News Asia (CNA) reported that the Singapore dollar reached RM3.1964 this morning before dropping slightly to 3.1950 later in the day. Harvey said that US President Joe Biden’s decision to mull cutting tariffs on Chinese goods has helped lift the Chinese Yuan to its highest point since May 5 — which has indirectly helped the Singapore dollar.