The Singapore dollar once again strengthened against the Malaysian ringgit on Wednesday (May 24), causing the exchange rate between the two currencies to hit new highs.
At around 4:57pm Singapore time, the exchange rate peaked at S$1 to RM3.4118.
Though there were fluctuations throughout the day, the exchange rate largely remained at S$1 to RM3.41.
This is the second time the Singapore dollar has strengthened to S$1 to RM3.41 this May.
However, the peak on May 24 surpassed that which was reached at the start of the month.
On May 2, the exchange rate peaked at S$1 at RM3.4077.
With the peaks on May 24 and those at the start of the month, there are now four instances where the exchange rate between the Singapore dollar and Malaysian ringgit reached above S$1 to RM3.40.
The other instances were on Nov. 22, 2022 (S$1 to RM3.4203) and Mar. 1, 2023 (S$1 to RM3.4103).
At around 11:02pm on May 24, the exchange rate stood at S$1 to RM3.4029.
Top image via Google, @erwinlee89/Carousell