Maybank chief forex strategist Saktiandi Supaat told CNA that a key factor why the Singapore dollar “has been more resilient” than the Malaysian ringgit in the recent bout of strengthening of the US dollar is because both countries have different approaches in interest rate policies. The ringgit, which has lost 4.3 per cent so far this year against the US dollar, on Friday hit its lowest level against the greenback since last November before reversing course to end 0.6 per cent higher.ĬNA spoke to analysts on the factors behind the ringgit’s depreciation against the Singapore dollar and what might lie ahead for the value of both currencies.

In a statement released on Friday, Malaysia’s central bank Bank Negara Malaysia (BNM) said the recent weakness in the ringgit can be attributed to external developments such as the US debt ceiling impasse and “episodes of stress” in the US and European banking sectors. The value is up 6.16 per cent from about 3.20 a year ago, and up 4.15 per cent since the start of 2023.

KUALA LUMPUR: Last Wednesday (May 24), the Singapore dollar broke its record against the Malaysian ringgit as it touched 3.4102 according to Bloomberg data.

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