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Malaysian ringgit falls to near 10-month low against Singapore dollar

eErotica69

Alfrescian (InfP)
Generous Asset
Malaysian ringgit falls to near 10-month low against Singapore dollar


SINGAPORE: The Malaysian ringgit fell to a near 10-month low against the Singapore dollar on Monday (Dec 1) as the decline in oil prices continued to hurt sentiment.

The ringgit was quoted at 2.6262 to S$1 in late Asian trading on Monday. This is 1.2 per cent lower from Friday's quote of 2.5949.

It is also the ringgit's lowest level since Feb 10 this year when it hit 2.6297 against the Singapore dollar.

Currency dealers say the sentiment on the ringgit has been affected by the continuous slide in oil prices. As Malaysia is an oil-exporting country, there are fears that falling oil prices may cause declining revenues for the country.

Meanwhile, both the ringgit and Singapore dollar weakened against the US dollar on Monday on the back of similar concerns.

The ringgit was quoted at 3.4320 against the greenback, and the Singapore dollar at S$1.3063 to the US dollar near the end of the Asian trading day.

- CNA/dl

http://www.channelnewsasia.com/news/singapore/malaysian-ringgit-falls/1504656.html

z
 

danielsim

Alfrescian
Loyal
Still remember many many years back Malaysian Ringgit used to just be a little lower than SGD. Right now..... Times are so different.
 

looneytan

Alfrescian (Inf)
Asset
on Sunday on my way back from up north, every gas station in Jay Bee ran out of petrol of every grade
 

syed putra

Alfrescian
Loyal
Malaysian ringgit falls to near 10-month low against Singapore dollar


SINGAPORE: The Malaysian ringgit fell to a near 10-month low against the Singapore dollar on Monday (Dec 1) as the decline in oil prices continued to hurt sentiment.

The ringgit was quoted at 2.6262 to S$1 in late Asian trading on Monday. This is 1.2 per cent lower from Friday's quote of 2.5949.

It is also the ringgit's lowest level since Feb 10 this year when it hit 2.6297 against the Singapore dollar.

Currency dealers say the sentiment on the ringgit has been affected by the continuous slide in oil prices. As Malaysia is an oil-exporting country, there are fears that falling oil prices may cause declining revenues for the country.

Meanwhile, both the ringgit and Singapore dollar weakened against the US dollar on Monday on the back of similar concerns.

The ringgit was quoted at 3.4320 against the greenback, and the Singapore dollar at S$1.3063 to the US dollar near the end of the Asian trading day.

- CNA/dl

http://www.channelnewsasia.com/news/singapore/malaysian-ringgit-falls/1504656.html

z

I dunno why these idiots make incorrect reporting. Malaysia probably imports as much oil as it export. It is petronas that is contributing to local economy from their oil concession in Sudan, Iraq, Turkmenistan, Kazakhstan, Vietnam, brunei, Canada ( coming shale gas), Angola, south Africa, almost in Brazil, .... and petronas wholly owned by gomen. So they get to collect 30% in taxes and the rest in dividend.
 

JackyCheung

Alfrescian
Loyal
Discussion of sgd to myr

Well. How do you guys think about sgd to myr in the next five years.

Well, will pass 1 dollar to 3 ringgit not?
 

eatshitndie

Alfrescian (Inf)
Asset
Re: Discussion of sgd to myr

if it happens, it will only prove that pap and sgd are the best! mudlaysia can go suck their thumbs.
 

JackyCheung

Alfrescian
Loyal
Re: Discussion of sgd to myr

Strong Gdp will strengthen the currency.
But it seems not working to myr.

But i think malaysia economy still growing strong.
 
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Seee3

Alfrescian (Inf)
Asset
Re: Discussion of sgd to myr

Strong Gdp will stronger the currency.
But it seems not working to myr.

But i think malaysia economy still growing strong.
I think the strength of a currency is no longer base solely on GDP. In the past Lky always proudly announce that every S$ printed, is backed by an equivalent amount in gold in our reserve. That was how the strength of a currency was based on back then. After 2008, us$ is still in demand although it has weakened by some 30%. The strength of used is crawling back although there is no significant improvement to their economy, why?

To me, the strength of a currency now, is dependent on its demand. Demand does not arise just from the trade or GDP of that country. For example, if Sg has more money in our reserve than the total values of the notes that we have printed, the govt can effectively control the value of Sgd by intervening in the market to maintain the value that the govt want it to be. However, Malaysia may not have that capability.
 

JackyCheung

Alfrescian
Loyal
Re: Discussion of sgd to myr

I think the strength of a currency is no longer base solely on GDP. In the past Lky always proudly announce that every S$ printed, is backed by an equivalent amount in gold in our reserve. That was how the strength of a currency was based on back then. After 2008, us$ is still in demand although it has weakened by some 30%. The strength of used is crawling back although there is no significant improvement to their economy, why?

To me, the strength of a currency now, is dependent on its demand. Demand does not arise just from the trade or GDP of that country. For example, if Sg has more money in our reserve than the total values of the notes that we have printed, the govt can effectively control the value of Sgd by intervening in the market to maintain the value that the govt want it to be. However, Malaysia may not have that capability.

Why malaysia no such capability?
How do you think of sgd to myr in next 5 or 10 years.

1st, i may consider to buy a malaysia property.
2nd i am thinking to invest in malaysia MD. 3 to 4% yield

But what I concern is currency risk in the next 5 to 10 years.

Thanks.
 

shctaw

Alfrescian (Inf)
Asset
Re: Discussion of sgd to myr

Although Ringgit is weaken by 13%; but some properties in Malaysia have double in Ringgit term. It only benefit those whom bought a few years back and take up loan.

UOB Malaysia now offer 4.05% FD.

There are also risk holding Singapore dollar. I prefer to hold excess fund in "gold coins".

Why malaysia no such capability?
How do you think of sgd to myr in next 5 or 10 years.

1st, i may consider to buy a malaysia property.
2nd i am thinking to invest in malaysia MD. 3 to 4% yield

But what I concern is currency risk in the next 5 to 10 years.

Thanks.
 

Seee3

Alfrescian (Inf)
Asset
Re: Discussion of sgd to myr

Why malaysia no such capability?
How do you think of sgd to myr in next 5 or 10 years.

1st, i may consider to buy a malaysia property.
2nd i am thinking to invest in malaysia MD. 3 to 4% yield

But what I concern is currency risk in the next 5 to 10 years.

Thanks.
The reserve of Sg is 266 B while that of M is 127 B. The volume of ringgit in circulation should be more than sgd. So Malaysia will not be in a better position to support its currency if there is an attack (which is why mahathir cleverly stop all ringgit trade after 1997 or they will be humiliated like Indonesia).

George soros brought the pound to its knees because uk was weak in reserve. When he tried the same to hk dollar, he failed because there was big brother China. Imo, the strength of a currency depends more on the reserve of the country.

Future exchange between sgd and ringgit is not solely dependent on the economy of each country. I think it depends more on whether Sg wish to weaken its dollars. I wish I can see currency movement for the next 5 years or would not have been stuck with so much paper loss.
 

Dark Knight

Alfrescian (Inf)
Asset
Re: Discussion of sgd to myr

MYR being weaker is definitely good for it's export and it does promote tourism.

SGD being too strong no longer favors exporting and tourism.
Hence growing our economy solely on consumer spending is not sustainable in long run.
 
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