Wednesday 18 January 2017

Ringgit Malaysia. New Blue Moon

Is a hit, for the super group, the travelling Wilburys, whoes members at the time of recording include Bob Dylan, Tom Petty and George Harrison.

Ringgit Malaysia, has a new blue moon, which has gone almost unnoticed, but Singapore Straits Times found some time to write about it. Read below :

The Singapore dollar climbed to a new record high against the Malaysian ringgit early Wednesday morning (Jan 18), reaching as high as S$1 to RM3.1474, showed Bloomberg data.

But at 8am, the exchange rate had eased back to S$1 to RM3.1379.

Most Asian currencies rose on Tuesday in a move that traders said was likely driven by position squaring ahead of a series of potentially market-moving events over the next several days.

DBS Senior Currency Strategist Philip Wee told TODAY that the hike in the Singapore dollar against the ringgit on Tuesday spoke more of the strength of the Singapore currency rather than significant weakening in the ringgit.

According to Reuters data, the Singapore dollar gained 0.6 per cent against the US dollar on Tuesday, while the ringgit rose by 0.01 per cent.

Analysts at Citi said they would expect the Singapore dollar to outperform in any bouts of US dollar weakness.