In a timely development, the Singapore Dollar (SGD) reached a five-year high against the Malaysian Ringgit (MYR) on April 21, just weeks after land borders between Singapore and Malaysia reopened. Although the rate dipped slightly the following day, many travelers seized the opportunity to exchange their currency, according to reports from Shin Min Daily News.
Co-owner of Crante Money Changer in People’s Park Complex, Ms. Huang, explained that the exchange rate increased from 3.07 on April 14 to 3.10 on April 21. She attributed this rise to adjustments made to the Singapore dollar by the Monetary Authority of Singapore (MAS), while the Malaysian Ringgit has remained relatively stable.
This surge in the exchange rate has been noticeable since the end of February, and on April 21, the volume of money exchanged at Ms. Huang’s outlet was substantial—nearly RM400,000, with one customer exchanging RM100,000 (about S$31,701.51).
However, despite the increase, experts from the Money Changers Association noted that finding an exchange rate as high as $1 to RM3.15 was rare. Traders in other locations, like Clifford Gems & Money Exchange at Raffles City, were also offering favorable rates. On April 21, their rate rose to 3.115, up from 3.08 the previous week.
The higher exchange rates have led to a noticeable uptick in customers, with some establishments seeing a 10% increase in foot traffic. Yet, many are waiting for even better rates, anticipating further increases in the coming days.