The Malaysian ringgit continues to falter against the Singapore dollar today, falling to a new record low this morning.
According to Bloomberg, SGD 1 = RM 3.1398 at 10.35am today. The previous record low was seen last Friday when SGD 1 traded at RM 3.1317.
The bad news just keeps coming for the Malaysian ringgit, considered Asia's worst-performing currency. It had been besotted by a renewed slump in oil prices and the ongoing 1MDB scandal in previous months, but Donald Trump's surprise US election victory have been making matters worse for our neighbours up north. With the prospect of trade protectionism under Trump's presidency and the shadow of higher US interest rates, emerging-market currencies have been hit hard.