The Singapore dollar hit a historic high of S$1 to RM3.5343 against the Malaysian ringgit on Tuesday, Jan. 23.

The previous record was S$1 to RM3.5307 on Dec. 13.

The Singapore dollar has appreciated about 8.77 per cent the past year, and some 58 per cent in the last 20 years when S$1 was equivalent to RM2.24.

Ringgit continues slide

In 2023, the Malaysian currency was the worst-performer in Southeast Asia, Bloomberg reported.

The Japanese Yen was the worst performer across the continent last year.

The South China Morning Post suggested the ringgit will continue to fall based on external factors, including high interest rates in the U.S., ongoing wars in Ukraine and the Middle East, and China's less than stellar Covid-19 recovery.

The ringgit is almost at an all-time low against the U.S. dollar as well, hitting US$1 to RM4.728.

The record is RM4.786 for every US$1 on Oct. 26, 2023.

Top screenshot from Google