The Malaysian ringgit slumped to a record low of 3.41 against the Singapore dollar on May 24.
KUALA LUMPUR: Last Wednesday , the Singapore dollar broke its record against the Malaysian ringgit as it touched 3.4102 according to Bloomberg data., and up 4.15 per cent since the start of 2023.
The US dollar's recent momentum has been driven by raised expectations that the Federal Reserve will have to keep interest rates higher for longer to subdue inflation. Meanwhile, he explained that the Monetary Authority of Singapore monetary policy framework is exchange rate based and is currently set to be on an appreciating path against an undisclosed basket of currencies.
The latest report released by credit rating agency Fitch states that Singapore is rated AAA while Malaysia is rated BBB+.Analysts stressed that the ringgit’s slump against the Singapore dollar can be attributed to external factors as well as domestic factors related to the Malaysian economy. He noted that Malaysia’s exports had contracted 1.8 per cent year on year in the first quarter of 2023, and that this could largely be attributed to the decline in exports to China.
However, some have stressed that the Singapore dollar to Malaysian ringgit value would stabilise given that the US government hasAfter the agreement was announced on Saturday, US President Joe Biden said that the deal was"good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost".
He explained that in the coming months, the US Federal Reserve could adopt a hawkish stance if inflation falls and this may lead to the US dollar unwinding.
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