Malaysian Ringgit falls to near 10-month low against Singapore Dollar
December 1, 2014 – The Malaysian ringgit fell to a near 10-month low against the Singapore dollar 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.