Singapore dollar hits 17-month high against Malaysian ringgit

Dollar

The Singapore dollar hit a 17-month high against Malaysian ringgit on 17 Apr, as demand for Malaysia’s currency decreased amid concerns that Malaysia’s debt may be removed from a key global bond index.

According to global financial portal investing.com, Malaysian ringgit was last seen trading at 3.0632 per SGD, the highest since the Singdollar reached RM3.0724 on 20 Nov 2017.

Year-to-date, the Singdollar has risen 0.74 percent against the ringgit from, according to Bloomberg.

Malaysia could be dropped from the FTSE World Government Bond Index (WGBI) due to concerns about market accessibility and liquidity, said FTSE Russell, a global index provider.

If Malaysia’s bonds are downgraded, it could see outflows of almost US$8 billion; Morgan Stanley said in his research note after FTSE Russell carries out its review in September.

Concerns over this potential downgrade had influenced investors’ risk-appetite, said Phillip Capital Management senior vice-president (investment) Dr. Nazri Khan Adam Khan. He also predicted that the ringgit downtrend would prolong until the end of this week.

What are you all waiting for? Time to hit JB for all the lok-lok and massages this long weekend.


If you’d like to contribute your story to us, drop us an email at [email protected] and we’ll review it. We read each submission that comes to us within two weeks of receiving it.

Comments

comments

Written by 

Bamboo is love :)