The word ringgit is an obsolete term for "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era.
Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar, but following the onset of the 1997 East Asian financial crisis, the ringgit witnessed major dips to under 3.80 to the dollar by the end of 1997 as a result of capital flight. During the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar, before Bank Negara Malaysia moved to peg the ringgit to the US dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years while remaining floated against other currencies. In addition, the ringgit was designated non-tradeable outside of Malaysia in 1998 to stem the flow of money out of the country.
On 21 July 2005, Bank Negara announced the end of the peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar. The ringgit would experience more acute plunges in its value since mid-2014 following the escalation of the 1Malaysia Development Berhad scandal that raised allegations of political channeling of billions of ringgit to offshore accounts, and uncertainty from the 2015–16 Chinese stock market turbulence and the effects of the 2016 United States presidential election results.
MYR News, Forecasts and Trends
Malaysia was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it added to negative sentiment, which then spurred a rise in USD/MYR to a 6-month high (MYR low) of RM4.2.
Among factors contributing to the ringgit’s weakness over the past year has been political uncertainty relating to Malaysia’s ruling Pakatan Harapan coalition, late-2018’s crash in oil prices, global trade tensions and higher US interest rates.
For more MYR currency market forecasts you can read the full article Malaysian Ringgit Forecasts. The below interactive chart shows the USD to MYR exchange rate, trend and recent alerts for the last 90 days.
Recent USD to MYR 90-day trend
USD/MYR at 4.266 was trading 1.2% belowAVG:4.3159 with LO:4.2495 and HI:4.3955 (90 days). There are no current rate alerts.
US Dollar to Malaysian Ringgit - Historical Rates
03 Jul 2020 : 4.2875
10 Jun 2020 : 4.2515
11 Apr 2020 : 4.3098
11 Jul 2019 : 4.1175
12 Jul 2015 : 3.7936
13 Jul 2010 : 3.2001
USD/MYR 10 year historic rates & changes to 10-Jul-2020 : 4.2660
Travel, Currency and Money saving tips for Malaysia
Travel money for Malaysia
Save money and time by Ordering your Malaysian Ringgit online from Travelex, you get better rates and can pick
up the MYR cash locally or even on travel day at the airport.
Another popular option is to
use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate,
but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to
Pay in Malaysian Ringgit otherwise you may get much worst exchange rates.
Sending money to Malaysia
When searching around for information on how to get a good exchange rate when sending money to Malaysia you need to start with finding out the latest Malaysian Ringgit exchange rate for foreign-transfers, which can be very different to the wholesale rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much
you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Malaysia
When sending money to Malaysia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers.
To get a better deal you should follow these 4 simple steps :
Open an account with a BER reviewed FX provider (id docs may be required)
You specify the local or Malaysian Ringgit amount you want to transfer
Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
Once your funds are received by the provider the converted MYR amount will be transfered to the recipient account you specify in Malaysia.
Use the above Send to Malaysian Ringgit calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more -
end result is more Malaysian Ringgit deposited into the recipient bank account and less margins and fees kept by the banks!
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
We may receive referral fees in relation to your activity on the BER website however this doesn't affect the exchange rates or fees you are charged.
The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer.