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The Singapore dollar surged back to old highs against the Malaysian ringgit -- as predicted previously six months ago.
Third time S$1 is to RM3.41
Over two days on May 1 and 2, 2023, the Singapore dollar strengthened against the ringgit to reach S$1 to RM3.41.
The exchange rate peaked at S$1 to RM3.4077 at 3:30pm on May 2, before it fell to RM3.3431 at 4pm.
This is the third time that the exchange rate saw S$1 hit RM3.40.
Image screenshot from Google.
The previous two instances were on Nov. 11, 2022 and Mar. 1, 2023, where S$1 fetched RM3.4203 and RM3.4103 respectively.
As of the time of writing, the exchange rate is S$1 to RM3.3515.
Image screenshot from Google.
Malaysian ringgit weakening against Singapore dollar
The Malaysian ringgit has been depreciating against the Singapore dollar over the past few years.
This is in part due to Singapore's aggressive monetary policy, where the Monetary Authority of Singapore (MAS) has tightened its monetary policy five times in 12 months from October 2021 to October 2022, according to its Apr. 14, 2023 report.
The Singapore central bank uses the exchange rate as its main policy tool to counter imported inflation concerns.
Top image screenshot from Google and from Special Meme Fresh