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The Singapore dollar continued to appreciate against the ringgit as it hit S$1 to RM3.30 on Friday, Oct. 14 morning.
It had hit a new high of S$1 to RM3.23 just two months ago in August.
The strengthening Singapore dollar was the result of the Monetary Authority of Singapore (MAS) tightening monetary policy for the fifth time in a year, allowing a further strengthening in the Singapore dollar to help dampen inflation.
In response to the new benchmark, a moneychanger operating in Chinatown sold more than RM100,000 in one-and-a-half hours at a rate of RM3.25 to S$1, Shin Min Daily News reported.
via Shin Min Daily News
A check by Shin Min found that the RM3.25 to S$1 rate was widespread enough and also available at moneychangers that were not in Chinatown.
But anecdotal evidence by some who are looking to exchange Singapore dollars to ringgit revealed that they might be waiting for the S$1 to RM3.25 exchange rate to be more widely available first before acting on it, as there appears to be no rush and a further appreciation in sight.
One person interviewed implied since he is looking to exchange S$10,000 to S$20,000 at a time to be spent in Malaysia in the future, the minute differences in exchange rate could add up.
Top photo via Google