Tuesday, July 30, 2013

Malaysian ringgit falls to 15-year low against the Singapore dollar

Malaysian ringgit falls
A money changer counts Malaysian ringgit notes in Kuala Lumpur on Jan 29, 2013. The Singapore dollar has hit a 15-year high against the Malaysian ringgit, a currency movement which will bring cheer to Singaporean shoppers across the Causeway. -- FILE PHOTO: REUTERS
The Singapore dollar has hit a 15-year high against the Malaysian ringgit, a currency movement which will bring cheer to Singaporean shoppers across the Causeway.
Malaysian workers employed in Singapore are also expected to benefit after the Singdollar rose to fetch 2.5479 ringgit today - the highest since early 1998, during the turmoil of the Asian Financial Crisis.
The Singdollar is benefitting from its status as a relative safe haven currency compared to others in the region.
On the other hand, the ringgit weakened against all major currencies on a slew of factors.