Exchange Rate Now!

On 19th Aug, Chinese Yuan started trading against the Malaysian Ringgit, as declared by China Foreign Exchange Trading Centre (CFETC).

The move groups the Malaysian Ringgit within a privilege few which can trade direct against the Chinese Yuan (RMB), including both the US Dollar and the Euro. Currently, the Malaysian Ringgit trades against the Chinese RMB at 1 MYR = 2.161 Chinese Yuan (RMB). With the latest announcement by CFETC and as a consequence to limit any speculation, the Chinese Government stated that the yuan is now only allowed to trade up to five percent (up or down) against the ringgit from the central parity rate.

As the Yuan is the more dominant currency, the announcement brings more stability towards the Malaysian Ringgit with the soft pegging. The bodes will for the Malaysian Ringgit, exemplified by the fact that the Ringgit rose to a 13 year high against the US Dollar since the announcement by CFETC was made.

Speculators are now pursuing the Singapore Dollar as well (more…)

While there are occasional tensions between Singapore and Malaysia, Singaporeans and Malaysians travel across the causeway frequently. For Singaporeans, they usually travel to Johor Bahru for shopping. Due to the low cost of living and favourable Sing$/Ringgit exchange rate, the purchases they make in Johor Bahru can often shave 50% of what they would had spent in Singapore.

Singapore Dollar to Malaysian Ringgit Exchange Rate

In recent times, there has also been more cases of Singaporeans residing in Johor Bahru due to the favourable exchange rates.

Malaysians are not so fortunate (more…)

Note: Please find the currency converter tool for US Dollar against the Singapore Dollar at the bottom of this post.

As recent as Mar 2008, US Dollar (USD) traded against the Singapore Dollar (SGD) at a 1.55 conversion rate (1 US Dollar = 1.55 Singapore Dollar). There has been a consistent drop since then and we are now in a stabilising period where the conversion rate now range around 1.45. This trend of band trading (Sing Dollar/US Dollar) is forecasted to continue till the end of FY2009.

Now, a little about the US Dollar. The U.S. dollar is the currency most used in international transactions. Although U.S. dollar (also known as the “Greenback”) is a fiat currency – declared legally tender by the US Government, several countries use it as their official currency, and in many others it is the de facto currency.

For Singaporeans studying overseas in U.S, this is good news since (more…)