Weak ringgit draws crowds to money changers before long weekend

With the long weekend around the corner, long queues were spotted at the money changers again as the Singdollar continues to stay strong against the ringgit.

At two money changers in Toa Payoh, many people waited in line to get their hands on some Malaysian currency, as the exchange rate hit RM3.30 on Wednesday (Oct 19). 

Among them was an 85-year-old man surnamed Wu, who told 8world he intended to cross the Causeway to visit his wife's relatives over the weekend. 

Wu added that he had been keeping an eye on the exchange rates for a week. Seeing the Singdollar fetching RM3.30 on Wednesday, he decided to join the queue.

The attractive exchange rate surprised another customer who would also be visiting his family in Malaysia. 

While he agreed that he'd be getting a good deal, he said: "it is not high enough to make me want to exchange more money".

Others taking advantage of the weakening ringgit are Singaporeans going on weekend getaways.

One of them is Danisha, a 20-year-old woman travelling to Malaysia with her boyfriend and his mother. According to 8world, she decided to visit the money changer on a weekday which she believed had better exchange rates. 

The boss of Asmart Exchange told the Chinese news outlet that he expected business to be brisk due to the high exchange rate, but added the crowd was manageable.

Some customers might not actually be heading to Malaysia soon but they were buying ringgit to "keep" for future use, he shared.

The Singapore dollar hit a record high of RM3.30 on Oct 14, and has since been on an upward trend, according to data from Google Finance.

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

claudiatan@asiaone.com