Is a hit song this year for Galantis . "No Money" is what money changers in Singapore are telling people who want to buy Ringgit, with some speculating that the Sing Dollar to Ringgit Malaysia exchange rate could hit RM3.50.
Singapore's Today Online has the No MONEY story :
The Malaysian ringgit fell to an all-time low against the Singapore dollar on Friday (Nov 25), with S$1 trading at RM3.1317 at around 2.10pm, sparking a rush by bargain hunters seeking to stock up on the plunging currency.
By late trade, the ringgit had clawed back a little to S$1 to RM3.1280. The previous low was on Sept 29 last year, when S$1 could buy RM3.1309.
The decline in the ringgit has been exacerbated by Malaysia’s relatively inadequate level of foreign currency reserves, compared with other Association of South-east Asian Nations economies, said Mr Woon Tian Yong, investment analyst at Phillip Futures.
The lower ringgit saw consumers rush to money changers on Friday to snap up the currency, leaving shopkeepers in a bind. By 6pm, more than half of the money changers at The Arcade at Raffles Place had run out of ringgit.
Queues snaked to the outlets that still had stock, waiting to exchange their Singapore dollars at the going rate of S$1 to RM3.09.
China Money Exchange boss Mohamed Hasan Shaik Ismail, 45, said he had sold all his ringgit by 2.30pm. “It’s the school holidays now, so a lot of people want ringgit, but the rate is going down and down, and some customers also wait and see,” he said.
Some of the customers waiting in line to buy the ringgit told TODAY that they expected the currency to drop even further.
“Monday, maybe can even get RM3.10 for a dollar. I heard next year a RM3.50 rate might even come,” said Mr Alex Yee, 46, a senior executive in a shipping company.
