KUALA LUMPUR, March 18 — The Malaysian ringgit has strengthened to its highest level against the Singapore dollar in five years, lifted by rising energy prices and renewed investor confidence in the domestic economy.
According to Bloomberg, the currency advanced to 3.0615 against the Singapore dollar on Wednesday, marking its strongest performance since March 2021.
Analysts said Malaysia’s role as a net energy exporter has helped shield the ringgit from global market volatility, particularly as crude and gas prices remain elevated amid disruptions in the Middle East.
The ringgit’s rally comes as Malaysia records stronger-than-expected GDP growth and attracts fresh foreign direct investment linked to artificial intelligence, further bolstering sentiment.
In contrast, the Singapore dollar has come under pressure as higher fuel costs weigh on economies dependent on energy imports.
Malay Mail – Money
