SINGAPORE — The Singdollar has risen above RM3 for the first time since March 15, Bloomberg data showed on Wednesday (June 1).
At 2.15pm (Singapore time), S$1 was trading at RM3.0027. By 3.35pm, the Singdollar had risen further, reaching S$1 to RM3.0144.
Since the start of trading on Wednesday, the Singdollar has risen by 0.75 per cent against the ringgit, Bloomberg data showed.
According to Reuters, most emerging Asian currencies posted losses in May, dragged down by expectations of an imminent US interest rate hike.
The Malaysian currency led regional losses, having slumped 5.2 per cent against the US dollar as of May 31 on stocks outflows and persistent concerns about troubled state fund 1Malaysia Development Bhd (1MDB). This was the largest monthly loss for the ringgit since August last year when a graft scandal linked to Prime Minister Najib Razak and 1MDB intensified.
From March 15 to May 31, the strongest the ringgit had been against the Singdollar was on April 14 when S$1 was trading at RM2.8526. WITH AGENCIES
Source: http://m.todayonline.com/singapore/s1-rises-above-rm3-first-time-over-two-months
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