February 02, 2024, 03:55 PM
The Singapore dollar hit a historic high of S$1 to RM3.5418 against the Malaysia ringgit on Friday, Feb. 2.
The previous record was S$1 to RM3.5343 on Jan. 23.
The Singapore dollar has appreciated about 9.16 per cent the past year, and some 4.41 per cent in the past six months alone, which is higher than the average Malaysian fixed deposit rate for the same period.
In other words, holders of ringgit, who exchanged the currency for Singapore dollars six months ago and held it since, would have provided a better yield.
The Singapore dollar has appreciated about 60 per cent in the last 20 years when S$1 was equivalent to RM2.24.
Top image via Google
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