RM3.1 to S$1 on Jan. 28: M'sia ringgit continues rally, traded at RM3.09 per S'pore dollar on Jan. 27

The Malaysian ringgit has continued its run of strength and reached RM3.1 against S$1 on Wednesday (Jan. 28) morning, a rate which was last seen in 2022.

At the time of writing, Google Finance showed that the exchange rate bounced around the RM3.1 against S$1 level, briefly reaching RM3.09 per Singapore dollar before rebounding.

One Facebook user shared that the rate on offer at one currency exchange counter on Jan. 27 evening was RM3.09 per Singapore dollar.

The ringgit also surged previously to a new high against the U.S. dollar, reaching RM4.02 on Jan. 23, a level last seen in 2021.

According to Bernama, when asked to comment on the ringgit's recent strength, Malaysian Prime Minister Anwar Ibrahim said, "Alhamdulillah", which means "praise be to God".

He also expressed gratitude and remarked that the strong currency reflects the effectiveness of sound governance, political stability and growing investor confidence in Malaysia's economy.

He also attributed it to the government's effort to safeguard national stability, ensure efficient administration and stance against corruption.

Bloomberg attributed the strong ringgit to Malaysia's fiscal discipline and political stability.

It also cited improved optimism over the growth of Malaysia's economy, as well as the possibility that the country's central bank will hold off on cuts to interest rates.

Top image via Google Finance, Canva, Lee Meng Fei / Facebook