Singapore’s dollar surged to an all-time high against the Malaysian ringgit as the latter was weighed down by weaker exports and its widening rate differential with the US.
The Singaporean dollar rose as high as 3.4826 versus the ringgit on Friday. That’s because the local dollar was supported by previous rounds of policy tightening. Bank Negara Malaysia on the other hand paused interest-rate hikes in July, which has put its overnight policy rate at a record discount relative to the upper bound of the Federal Reserve funding rate.
