SINGAPORE — When Hasan Abdul Rahman saw the news on Thursday (May 25) that the Malaysian ringgit dived to a record low of 3.41 against the Singapore dollar, he was elated.
Not because he could enjoy a relatively cheaper holiday across the Causeway, but because it would be good for his halal food business.
"The purchasing power is about the same compared to before Covid three years ago, even though the ringgit's value dropped," Mr Ng said.Malaysians, on the other hand, now have to pay more when visiting the island nation. She added that “imported inflation” has hit her harder. This stemmed from the ringgit falling relative to other currencies, thus making imports into Malaysia more expensive.
Most of the customers sold about S$500 to S$1,500 in Singapore dollars, not to travel to Malaysia and spend it immediately, but to hold for future travels.He said that the demand for the ringgit was so high that before his shop closed at 6pm on Friday, he had already run out of the currency."When the price of a currency declines sharply, money changers tend to lose out," Mr Tajdeen said.
He has been able to get his ringgit supply the last two days and hopes that this will not change in the next week.Economists and foreign exchange experts said that the drop in the ringgit’s value against the Singapore dollar is due to two main reasons: The strengthening of the United States dollar and the weakness of China's economy.
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