Long queues at money changers as Singapore dollar soars to record high against ringgit

Money changers across the island saw brisk business and snaking queues today as the Singapore dollar jumped in value against the Malaysian ringgit.

The Singapore dollar was at a record high of RM3.30 on Friday (Oct 14) morning, the highest since Singapore separated from Malaysia back in 1965, reported Shin Min Daily News. 

This comes just two months after the Singapore dollar hit a record high of RM3.23 in early August.  

Over at People's Park Complex, Crante Money Changer said they managed to sell over RM100,000 within an hour and a half with the Singapore dollar at RM3.25. 

A spokesperson from this money changer told Shin Min Daily News that this was partly due to the Monetary Authority Singapore (MAS) announcing a one-time appreciation of the Singapore dollar. 

This is the fifth consecutive time MAS has tightened its monetary policy since last October. 

The Chinese daily visited several money changers in malls including Jem and found long queues at the money changers there. 

Real estate agent Chen, 42, said that he was aware that the rates will be good today, so he hurried to Jurong Point to check it out. 

However, upon seeing the quoted rates, he said that he'll wait it out for a day or two to see if the rates will be more favourable then. 

He added that that as the exchange rates are so good, he intends to change between $10,000 and $20,000 for his future trips to Malaysia. 

The ringgit also reached an all-time low against the US dollar, amid growing concerns over the US Federal Reserve's numerous interest rate hikes and ongoing political uncertainty in Malaysia ahead of a upcoming general election, reported The Business Times today.

ALSO READ: A stronger Singapore dollar: What does this mean for Singaporeans?

melissateo@asiaone.com