26-5-2023 (Singapore) The exchange rate between the Singapore dollar and the ringgit continued to surge, with the cross-border inter-bank exchange rate surpassing the 3.41 mark for two consecutive days. Money changers in Singapore witnessed long queues, and some operators even ran out of stock in ringgit currency yesterday evening.
According to a report by “Xin Min Daily,” data from the Google Finance website showed that the cross-border interbank exchange rate for the Singapore dollar to ringgit reached 3.42 yesterday. Although it slightly rebounded today to 3.41, the rate remains robust.
Our reporter visited a money changer located in a shopping mall in Raffles Place this morning. The interviewee revealed that the number of individuals exchanging ringgit had increased by at least 10% over the past two days, with yesterday experiencing a particularly notable surge estimated at around 30%.
A staff member at a money changer disclosed that the market exchange rate for the ringgit briefly reached 3.37 yesterday. Even though it dropped slightly to 3.36 today, it continues to attract numerous people for currency exchange. “When there is high demand for a currency, the supply often becomes limited, and after 5 o’clock yesterday evening, we actually ran out of ringgit stock.”
The Woodlands MRT Station is known for accommodating many Malaysian tourists seeking to exchange Singapore dollars for ringgit. Hu Wenyu, a staff member at one of the money changers there, shared during an interview that the branch had also witnessed a surge of at least 10% in customers over the past two days, reaching up to 20%.
“In the current market, currency availability is limited. If we cannot acquire currency at a favorable price, it becomes challenging to offer customers a competitive exchange rate. Our rate was 3.37 yesterday and is 3.35 today, but at least we are not facing a shortage of stock.”
When the reporter visited a shopping mall in Raffles Place this afternoon, it was observed that a significant number of people were engaged in ringgit exchange transactions.
Ms. Lim, a 52-year-old member of the public, expressed her surprise, saying, “I am amazed that the Singapore dollar-ringgit exchange rate has reached 3.41. However, money changers are generally offering 3.36 ringgits per Singapore dollar. This time, I want to exchange 400 Singapore dollars for ringgit, as I am planning a trip.”
