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Ringgit Tumbles to 10-Month Low vs Singapore Dollar
9 Sep
Summary
- Malaysia's ringgit reached a 10-month low against the Singapore dollar.
- Foreign stock outflows significantly impacted the ringgit's value.
- Singapore's hawkish monetary policy bolstered its currency.
Malaysia's ringgit experienced a notable depreciation, hitting a 10-month low against the Singapore dollar on Wednesday. The currency exchange rate saw the ringgit drop by 0.3% to 0.3116 against its Singaporean counterpart.
This weakening of the Malaysian currency is largely driven by significant outflows of foreign investment from the stock market. Concurrently, the Singapore dollar has found support from the Monetary Authority of Singapore's assertive monetary policy, which contributes to its relative strength.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
