Analysis of recent ringgit → Singapore dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Malaysian ringgit to Singapore dollar performance and trends.
Forecasts for MYR to SGD
The Malaysian Ringgit (MYR) has shown strong potential for gains against the Singapore Dollar (SGD) in light of recent optimistic economic indicators. Analysts report that the ringgit has experienced its most significant rally in years, driven by an influx of foreign capital and a government push to attract investments. Market sentiment is shifting positively towards the MYR, bolstered by expectations of interest rate cuts from the Federal Reserve, which could see a decline in the US dollar's dominance. As the Malaysian economy continues to recover, especially in terms of tourism, the fundamentals for the MYR appear robust, suggesting a narrow trading range of 4.20 to 4.30 per US dollar by year-end, according to forecasts.
Conversely, the Singapore Dollar has also displayed strength, largely attributed to the Monetary Authority of Singapore's (MAS) hawkish policy stance. With the SGD reaching its strongest level against the US dollar in nearly a decade, the currency's appreciation reflects the government’s strategy to use a strong currency as a buffer against inflation. While the SGD has maintained stability recently, with minor fluctuations around the 1.34-1.35 range against the USD, its resilience in a mixed economic landscape sets it apart among its regional peers. As of now, the MYR to SGD exchange rate hovers around 0.3029, close to its three-month average, demonstrating a steady performance within a 5.8% range. Given the volatility in oil prices—trading at $73.02, about 3.7% lower than its three-month average—there may be continued implications for the MYR as the oil market significantly affects Malaysia’s economic framework. Thus, the interplay between these currencies will hinge on both domestic fundamentals and external economic conditions in the coming months.
Compare & Save - Malaysian ringgit to Singapore dollar
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Will the Malaysian ringgit rise against the Singapore dollar?
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Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more