Good news for Singaporeans travelling to Malaysia. The Singapore Dollar (SGD) has hit another record-breaking high against the Malaysian Ringgit (MYR). A historic low for Malaysian was hit in January when S$1 in Singapore equaled to RM3.53 and it has continued to slump. And now the Malaysian currency has dropped again on February 19 meaning S$1 is now equal to RM3.56. In fact, the Ringgit is very close to its 1998 record low.
Malaysian Ringgit drop
The new record was set this week on February 19 according to exchange charts which states S$1 equating to RM3.5562. A previous record was broken in December 2023, January 2024, and earlier in February 2024.
According to reports, the Malaysian Ringgit will continue to fall due to the rise of the American Dollar. The Malaysian Ringgit is reportedly the worst currency performing in Asia at present. Unfortunately, the currency has weakened nearly 4 per cent since the start of 2024.
Additionally, travellers from Europe can take advantage of €1 matching 5.16 MYR. Meanwhile, American tourists can avail of $1 American Dollar the same as 4.79 MYR.
The new currency low means that visitors from many global countries including Singapore will find Malaysia to be extremely affordable with cheap food, transport, hotels, shopping, and more. Certainly, this makes Malaysia an attractive travel destination this year. So why not head on a day trip to Malaysia or hop across the causeway to Johor Bahru this weekend?