Should commodity prices soften further and if China’s economy continues to slow down, the exchange rate may even reach S$1 to RM3.45 within a month
SINGAPORE: The Malaysian ringgit has continued on a downward trajectory against the Singapore dollar, with the exchange rate now at S$1 to RM3.41.
Should commodity prices soften further and if the growth of the economy of China continues to slow down, the exchange rate may even reach S$1 to RM3.45 within a month, Mr Saktiandi Supaat, chief forex strategist at Maybank toldThe Singapore dollar has climbed 1.3 per cent in the last four sessions against Malaysia’s currency, and this week, posted its best advance in three months.
The Singdollar has gained strength because of capital inflows and successive policy tightening, while the sluggish price of oil and a weakening Chinese economy have hurt Malaysia. Aside from concerns over the recovery of China’s economy, a possible disruption due to a fresh wave of Covid cases may upset the consumer sector.
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