Wondering when’s a good time to visit Malaysia? If you’re planning on making the most of every Malaysian ringgit, you’ve come to the right page!
The Malaysian ringgit has been depreciating against the Singapore dollar over the past few months. On 20 Jun 2023, the ringgit reached a new low against the Singapore dollar — S$1 to RM3.46. And today, as of 13 July 2023, the ringgit reached a 7-year all-time low of 3.50 MYR against the Singapore dollar on 12 July 2023! So what does that mean for you? It’s no doubt time to head next door for a short getaway and get your retail therapy fix! Whether you’re looking to road trip across the causeway for midnight supper runs, or seize the moment to make the most of every ringgit, this guide’s for you.
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SGD vs Malaysian Ringgit: How’s It Going?
Image credits: Trading Economics
Image credits: Monetary Authority of Singapore
First of all, let’s break down both Fig A and Fig B. Fig A describes the general journey of the Malaysian ringgit across the last year, up to July 2023 — showing that as of 12 July 2023, 1 MYR is exchangeable for 0.286 SGD. Similarly, in Fig B, you’re looking at the monthly average of 1 SGD to 100 MYR — 28.97. While July’s average rates have yet to be released, you can clearly see that the average monthly rate is the lowest it’s been against the SGD throughout the whole year! The Malaysian ringgit was at a 7-year all-time low of S$1 to RM3.50 on 12 July 2023. But why is that?
What’s Up With The Malaysian Ringgit?
Image credits: Google
According to The Business Times, the reason behind the MYR depreciating against the SGD is due to the strong US and Singapore dollars. Other factors include declining manufacturing production, a lower trade surplus, and a slow recovery for Malaysia’s tourism sector.
Experts at UOB predict that the ringgit will continue to weaken against the US dollar and reach a low of RM4.68 in the third quarter of this year before rebounding in the last three months as China’s economy gains momentum. While MUFG Bank forecast that it will strengthen to RM4.30 against the USD by the end of 2023, and further improve to RM4.20 in the first quarter of 2024.
Whatever the case is, we suggest planning your next trip to Malaysia to make use of these weakening rates while you still can. Happy shopping! 🤗
So How Do I Use YouTrip To Enjoy The Best Malaysian Ringgit Rates?
In a nutshell, YouTrip works to “unpinch” your wallet — so you don’t need to worry about losing money from exchange rate margins.
✅ Simply top up your desired amount of SGD and we’ll do all the work for you with Smart Exchange™!
✅ To check out the latest rates, use the Mastercard Calculator (remember to include ‘0’ under bank fees!) before you spend.
✅ And that’s it, you’re ready to start spending in Malaysia!
Save On The Best Malaysian Ringgit Rates With YouTrip!
And just like that, you’re ready to travel across the causeway and enjoy saving with the best rates! Whether it’s Malaysia or Japan, don’t forget to take your YouTrip card with you on your next holiday to make full use of our wholesale exchange rates (i.e. no pesky bank fees!).
Sign up now with <YTBLOG5> to get FREE S$5 in your account and be sure to check out our YouTrip Perks page for exclusive offers and promotions too!
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Stay safe, and happy travels!
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*All currency conversion rates are accurate to the nearest 10 cents on 16 June 2022 SGT 3.30 PM. Bank card prices are calculated based on 3.25% foreign currency transaction fee.