Ringgit exchange rate expected to hit RM3.30 in the next few weeks

Hold your horses

Malaysian ringgit expected to perform worse in coming weeks

Whether you are planning to exchange Malaysian ringgit for an upcoming holiday across the border or simply to stock up for future use, you probably shouldn’t do it now.

According to reports,ย the ringgit to Singapore dollar exchange rate surged to a new high of RM3.173 yesterday and hence drawing queues to popular money changer outlets including the one at The Arcade, Raffles Place. The rush had caused some money changers to sell out their ringgit stock by mid-noon.

The ringgit has since strengthened a little to RM3.154 today but you probably should wait it out for a couple more weeks if you are hoping for even better rates. The ringgit is expected to reach RM3.30 within the next few weeks, as shared by money changer owners and financial experts.

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The ringgit is one of Asia’s worst performing currencies over the past year and the downward trend will likely continue due to Malaysia’s lower export volume caused by China’s economic and global trade slowdown.

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