Customers flock to money changers as Singapore-Malaysia exchange rate hits 5-year high

Talk about perfect timing. 

Soon after land borders with Malaysia reopened a few weeks ago, travellers can now revel in the fact that the Singapore Dollar (SGD) hit a five-year high against the Malaysian Ringgit (MYR) on Thursday (April 21). 

Although the exchange rate dropped slightly the next day, many still flocked to money changers, reported Shin Min Daily News.

Speaking to Shin Min, the co-owner of Crante Money Changer in People's Park Complex, surname Huang, said the exchange rate rose from 3.07 on April 14 to 3.10 on April 21.

She said the main reason for this increase was the adjustments made to the Singapore dollar by the Monetary Authority of Singapore (MAS), while the ringgit has not been fluctuating much.

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The exchange rate has been rising since the end of February, Ms Huang noted.

At her money changer, one person even acquired RM100,000 (S$31,701.51) in currency, Ms Huang said, adding that the total volume exchanged at the outlet on April 21 was almost RM400,000.

Rare to find

Money Changers Association Secretary Oli Mohamed told Shin Min that although the exchange rate was at a high, it was rare to find a money changer that offered the $1 to RM3.15 exchange rate.

A trader at Clifford Gems & Money Exchange in Raffles City Shopping Centre said the shop's exchange rate on April 21 was 3.115, an increase from 3.08 last Thursday.

The outlet saw a 10 per cent increase in customers on that day, but the trader noted that many have yet to exchange their cash as they anticipate the exchange rate would rise even further.