Ayy, sorry Malaysian friends but looks like we'll be crossing the northern borders pretty frequently soon — the ringgit has effectively slumped to a new all-time low against the Singapore dollar.
If you go down to your friendly neighbourhood money changers today, one Singapore dollar will get you RM2.78. According to The Straits Times, this is actually the weakest the Malaysian currency has been since at least 1981.
Analysts have attributed the Malaysian currency's new historic low to bearish sentiments toward emerging Asian currencies following signs of economic weakness in China. Robust US economic data bolstered expectations of an interest rate hike this year, prompting an outflow of money from Malaysian markets.
Hold on to your seats Malaysians, we're coming over to spend some money.
Photo: Miss Izs via Flickr
Ayy, sorry Malaysian friends but looks like we'll be crossing the northern borders pretty frequently soon — the ringgit has effectively slumped to a new all-time low against the Singapore dollar.
If you go down to your friendly neighbourhood money changers today, one Singapore dollar will get you RM2.78. According to The Straits Times, this is actually the weakest the Malaysian currency has been since at least 1981.
Analysts have attributed the Malaysian currency's new historic low to bearish sentiments toward emerging Asian currencies following signs of economic weakness in China. Robust US economic data bolstered expectations of an interest rate hike this year, prompting an outflow of money from Malaysian markets.
Hold on to your seats Malaysians, we're coming over to spend some money.
Photo: Miss Izs via Flickr