Forecasts for MYR to SGD
According to recent analyst forecasts and currency market updates, the Malaysian Ringgit (MYR) is expected to remain relatively stable against the Singapore Dollar (SGD) in the near term. The MYRSGD pair has been trading in a tight range, with a 90-day low near 0.2859 and a 3-month average of 0.2896. However, it is worth noting that the MYRSGD exchange rate is influenced by various factors, including the performance of other major currencies.
The MYR's strength is supported by the recovery of the tourism sector in Malaysia, which could lead to a narrower deficit in the country's services account. This positive impact on the Ringgit is expected to continue, as enquiries from foreigners for real estate properties in Malaysia have been increasing due to the currently cheaper Ringgit and lower cost of living compared to neighboring Singapore.
On the other hand, the SGD is managed by the Monetary Authority of Singapore (MAS) against a basket of currencies from major trading partners. The MAS plays an active role in maintaining the stability of the SGD value. While the SGD remains resilient, the MYR's long-term weakness, coupled with factors such as increased taxes on property purchased by foreigners in Singapore, may attract expatriates and high-valued foreigners to Malaysia.
Additionally, fluctuations in oil prices can also impact the MYR. As Malaysia is one of the largest oil producers in Asia, lower oil prices can contribute to weakness in the currency. It is worth noting that the recent Brent Crude OIL/USD price data shows oil trading below its 3-month average, indicating a downward trend. This could potentially put pressure on the MYR.
In conclusion, based on the market view and current factors, the MYRSGD exchange rate is expected to remain stable in the near term, with an exchange rate range forecast of 0.2859 to 0.2923. However, the outlook for the MYR is subject to various economic factors, including the recovery of the tourism sector and oil price movements, which could influence its strength against the SGD.
