As predicted six months ago, the Singapore dollar has reached old highs against the Malaysian ringgit, surging for the third time to S$1 to RM3.41 over two days on May 1 and 2, 2023.
The exchange rate peaked at S$1 to RM3.4077 at 3:30pm on May 2, before falling to RM3.3431 at 4pm.
The Malaysian ringgit has been steadily depreciating against the Singapore dollar in recent years, attributed in part to Singapore's aggressive monetary policy.
The Monetary Authority of Singapore (MAS) has tightened its monetary policy five times from October 2021 to October 2022, according to a report by the MAS on April 14, 2023.
The report also states that Singapore's central bank uses the exchange rate as its primary policy tool to address imported inflation concerns.
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