Sípore dollar at new high, hits 14-year high against ringgit - Singapore Forums by SGClub.com
Singapore Forums by SGClub.com
Sitemap Contact Us FAQ Singapore Forums by SGClub.com
Home Photos Member List Register Mark Forums Read  
Go Back Home > Lifestyle > Workplace and Business Forum > Financial Talk » Sípore dollar at new high, hits 14-year high against ringgit

Why aren't you a member of SGClub.com yet??

» Join 130,000+ other members in chatting.
» Make lots of new friends here.
» Keep up-to-date with current events.
» Participate in Club outings.
» Download lots of Free Stuff!

Registration just takes 2mins and is absolutely free so join our community today!

I Want to Choose my Own Personal Nickname Now!


Reply
 
LinkBack Thread Tools Display Modes
Old 16th July 2012, 07:30 AM   #1 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Sípore dollar at new high, hits 14-year high against ringgit

Sípore dollar at new high, hits 14-year high against ringgit

SINGAPORE: The Singapore dollar hit a 14-year high against the ringgit yesterday as offshore funds continued to seek relatively safer assets and on views that Malaysia may allow a weaker currency to spur growth amid global economic slowdown.

The city-state's currency rose 0.7% against the neighboring unit to 2.5170, the highest since July 1998, as real money accounts and hedge funds bought it.

That came even though yields on Malaysian government bonds stayed much higher than Singapore bonds.



Spread between 10-year Malaysian bonds and 10-year Singapore bonds has widened 15 basis points (BPS) so far this month.

ďInvestors really like Singapore assets due to safety, the stable Singapore dollar and low rates,Ē said BNP Paribas currency strategist Thio Chin Loo in Singapore.

She said the Singapore dollar may head to 2.55 per the ringgit.

Singapore is the only country in emerging Asia with a credit rating of AAA and its currency has been the second best-performing regional unit after the Philippine peso with a 2.5% gain versus the US dollar.

Saktiandi Supaat, head of FX research at Maybank in Singapore, said the Singapore dollar was expected to remain firm against the ringgit this year.

ďThe ringgit may see more volatility and its weakness may be more pronounced compared to the past, while the Singapore dollar is locked in a band. Inflation differentials may potentially lead to some speed of change in policy responses too,Ē Supaat said.

He expects the Singapore dollar to stay around 2.51 versus the ringgit by the end of the year, although it may head to 2.55 before that.

Singapore's annual consumer inflation in May stood at 5.0%, almost triple of Malaysia's 1.7%.

That may allow Malaysian policymakers to endure a weaker ringgit to boost exports, dealers and analysts said.

But Maybank's Supaat said it may be difficult for the Singapore dollar to extend gains versus the ringgit from the current level much further in the longer term, adding the city-state's currency yesterday was boosted by a higher Australian dollar.

ďInherently there is the risk of capital inflows into Singapore bonds and property markets for safe haven reasons and also for expected appreciation. This may feed into asset price inflation. At worst, these are hot money inflows, there is always a risk of sudden outflows,Ē said Supaat.

He said the Singapore dollar would retreat to 2.40 versus the ringgit by the end of 2013.

Singapore state investment firm Temasek Holdings is in talks to buy a stake in a RM4bil (US$1.26bil) project in Malaysia's southern state of Johor, the Business Times reported earlier. That may boost demand for ringgit.

Meanwhile, most emerging Asian currencies were mixed amid worries about the impact of a global slowdown on corporate earnings, while investors were not convinced the eurozone can bring down the borrowing costs of its debt-ridden members.

Investors are keeping an eye on the result of a German court hearing on the eurozone bailout fund. - Reuters

Source: http://biz.thestar.com.my/news/story...1&sec=business

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline  
Add to *StarDust*'s Reputation Reply With Quote
Old 16th July 2012, 08:24 AM   #2 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Money changers run out of Malaysian ringgit

Money changers run out of Malaysian ringgit

By Linette Lim
Posted: 13 July 2012 1931 hrs


SINGAPORE: Some money changers in Singapore on Friday ran out of Malaysian ringgit notes after the favourable exchange rate sparked strong interest from buyers taking the chance to stretch their dollar by picking up ringgit on the cheap.

The Singapore dollar is trading at one to 2.51 Malaysian ringgit, after hitting a 14-year high against the Malaysian currency this week.

The ringgit is under pressure as Malaysia's general election looms and as investors exit emerging Asian markets for safer assets.

Sim Moh Siong, a currency strategist at Bank of Singapore, said: "I think part of the under-performance could be due to the drop in commodity prices, especially in terms of crude oil and palm oil. That seems to be an overhang on the ringgit."

Currency analysts said the ringgit could weaken further this year, on risks from Malaysia's upcoming general election.

This could push the Singapore dollar to 2.55 versus the ringgit within the year, before moderating to 2.45 by end-2013.

Saktiandi Supaat, who is head of currency research at Maybank, said: "It's a reflection also of how market participants see Malaysian assets and also the tolerance level of Bank Negara in terms of allowing some flexibility in the ringgit.

"The ringgit has fluctuated or reacted more than the Singapore dollar to Eurozone and global risks such as growth issues. The structural issues on Singapore dollar restrict the way it reacts."

Global economic uncertainty has caused investors to pull money out of riskier assets like emerging-Asia currencies as they opt for safe haven assets like the US dollar.

The Singapore dollar has also been attracting these investors.

It has appreciated 2.5 per cent against the Thai baht and Indonesian rupiah this year.

Lee Chen Hoay, an investment analyst at Phillip Futures, said: "Because of the Eurozone crisis, it has increased the risk aversion in the market. And you even see things like Switzerland and Denmark being able to issue bonds at negative yield.

"So that means investors are willing to pay more money to get less, to protect their capital. And Singapore, being the only Southeast Asian currency with triple A, has an increased appeal."

Analysts said that should the Singapore dollar continue strengthening versus the ringgit, Singapore companies with operations in Malaysia could see profits take a hit.

However, Malaysian companies with operations in Singapore may see currency gains as they repatriate profits.

Source: http://www.channelnewsasia.com/stori...213405/1/.html

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline   Add to *StarDust*'s Reputation Reply With Quote
Old 16th July 2012, 08:30 AM   #3 (permalink)
Experienced SGClubber
gyccy^^ is on a distinguished road

 
gyccy^^'s Avatar
 
Posts: 1,913
Join Date: Jan 2009
Likes: 0
Liked 4 Times in 4 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

then those Malaysians who work in Singapore can change their salary 2 a higher pay...

__________________
Happy Hammie!
gyccy^^ is offline   Add to gyccy^^'s Reputation Reply With Quote
Old 16th July 2012, 09:23 AM   #4 (permalink)
Xiao Long Bao
melvin85 is a jewel in the roughmelvin85 is a jewel in the roughmelvin85 is a jewel in the roughmelvin85 is a jewel in the roughmelvin85 is a jewel in the roughmelvin85 is a jewel in the rough

 
melvin85's Avatar
 
Posts: 2,864
Join Date: May 2009
Likes: 27
Liked 123 Times in 110 Posts
Gender:


Should be if they change to ringgit now

Sent from my ST18i using Tapatalk 2

__________________
Welcome to SGC and enjoy your stay.Do visit my blog and leave a comment as i am a newbie blogger

melvin85.blogspot.com
melvin85 is offline   Add to melvin85's Reputation Reply With Quote
Old 16th July 2012, 09:39 AM   #5 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Malaysian shops, here we come

Malaysian shops, here we come


The long queue at a money changer at People's Park Complex.

Singaporeans cash in on weaker ringgit.

Koh Hui Theng and Ng Huiwen
Mon, Jul 16, 2012
The New Paper


The great Singapore rush is on - across the Causeway, that is.

Financial officer Noorliza Samsudin, 42, is among those making the trek up north this weekend.

She has several things on her to-do list: eating, grocery shopping and maybe, watching a movie.

While the Tampines resident can do the same activities in her own neighbourhood, she prefers to make the hour-long drive to Johor Baru (JB) instead.

The incentive? A strong Singapore dollar. It strengthened to RM2.51 this week - the highest level since the 1998 Asian financial crisis. Economists believe that the exchange rate will continue to rise due to Singapore's triple-A credit rating.

At press time, the Sing dollar was trading upwards from RM2.50.

The strong showing has led to a case of ringgit "no enough" at home.

When The New Paper visited four money changers at People's Park Complex in Chinatown on Friday, three had run out of ringgit.

There were long queues of up to 30 people at the one which still had stock.

The favourable exchange rate means bargain- hunters get more bang for their buck.

For instance, exchanging $1,000 would yield about RM100 more compared to previously, when the rate was about S$1 to RM2.40.

Madam Noorliza said: "We usually change about $100 and use credit cards to make up for the shortfall. Since the rate is good, we'll change more, like $500, and keep (the unspent portion)."

The mother of two also intends to visit a moneychanger in JB to get cash.

"My husband went to a money changer in Simei on Thursday but he ran out of ringgit. So we'll have to go to JB to get it," she said.

Even those not making a beeline to Malaysia this weekend are stocking up on ringgit.

IT consultant David Quay, 49, was part of the 30-strong lunchtime crowd queuing outside a Chinatown moneychanger yesterday.

There to change $1,000, Mr Quay said: "The current rates are among the best I've seen. It's always good to keep some ringgit as reserve."

He and his family visit Malaysia once every quarter and he changes $500 to $1,000 before each trip. "I'll change more when the rate goes up further, hopefully to 2.6," he said with a laugh.

Some retailers in Johor are expecting more business from Singaporeans, thanks to the stronger dollar.

Mr Mohd Halis Jalalludin, 21, supervisor at the Tesco Bukit Indah store, said shoppers from Singapore tend to flock to the outlet on weekends. The store is a 20-minute drive from the Second Link.

He said: "There's been about 10 per cent more Singaporeans shopping here recently compared to last time. They say the grocery items here are very cheap because of the (favourable) exchange rate".

Cheap groceries

Singaporean shoppers tend to spend more than RM300 per trip, picking up rice, oil andother daily necessities, he said.

In the past fortnight, a few have racked up over RM1,000 on their grocery tabs, he said.

"Now that the Sing dollar is hitting almost 2.5, I guess more Singaporeans will come here for their shopping."

But a cashier at Makmur Semua Money Changer in Sutera Mall in JB said her boss has no plans to stock up on ringgit.

The woman, who wanted to be known only as Miss Cheng, said: "Our exchange rate is 2.48 now, not as high as Singapore's 2.51... Singaporeans still (prefer to) change in Singapore because the rate is better."

She is expecting it to be business as usual this weekend, with about 20 Singaporean customers.

But tour companies are expecting the favourable rate to translate into more Malaysia- bound business.

The falling ringgit, Chan Brothers spokesman Jane Chang said, is partly why the company has "seen 70 per cent growth in demand for travel to Malaysia" last quarter, compared to thesameperiod last year.

The Sing dollar has been strengthening since May 2010 when the ringgit was trading at about 2.23 to the dollar.

Travel agency Nam Ho's spokesman said: "Currently there are about 50 passengers heading over to Malaysia this weekend, which is a slight percentage increase (compared to the last weekend)."

Added Mr Tan Boon Huat, general manager of Grassland Express and Tours: "We're expecting our business to increase because of the strong Sing dollar."

While demand for this weekend is normal, he expects it to rise in the weeks and months ahead.

Planning for M'sia trips

He said: "Right now, most Singaporeans upon seeing the rate, will start to plan for trips to Malaysia. So demand will start to rise because going to Malaysia will be very affordable now.

"We've not made any special arrangements just yet, but we'll definitely add additional trips to Malaysia if the demand reaches its peak."

The strong dollar will also help with inflation, with Singapore importing most of its produce, financial reports suggested.

Almost all the fresh chickens sold here are from Malaysia, which also accounts for close to half of the vegetables here.

Will the strong dollar lead to Singaporeans snapping up real estate across the Causeway too?

Not quite, said property consulting firm SLP International's executive director, Mr Nicholas Mak: "When it comes to buying (big-ticket items like) property, the exchange rate is one of the many factors that people take into consideration.

"But it's unlikely that the current strong Sing dollar will be the sole reason for a higher number of Singaporeans buying Malaysian property."

Source: http://news.asiaone.com/News/Latest%...14-359128.html

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline   Add to *StarDust*'s Reputation Reply With Quote
Old 16th July 2012, 10:46 AM   #6 (permalink)
Chocolate or Coffee
LoneLyBy2 will become famous soon enoughLoneLyBy2 will become famous soon enough

 
LoneLyBy2's Avatar
 
Posts: 2,830
Join Date: Nov 2008
Likes: 2
Liked 19 Times in 19 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

too much people change money sg to my, now very hard to find ringgit ~ haish!! is time to buy ringgit currency at SGX~

__________________
SNSD~Yoona Lover Making Wish that can't be true? Feeling like a bit of Du*b??~

*Have fun in SGClub but pls READ the RULES, Report Bad Posts and Give Reputation to Good Ones!*
LoneLyBy2 is offline   Add to LoneLyBy2's Reputation Reply With Quote
Old 16th July 2012, 10:49 AM   #7 (permalink)
Experienced SGClubber
Reeve Teo has a spectacular aura aboutReeve Teo has a spectacular aura aboutReeve Teo has a spectacular aura about

 
Reeve Teo's Avatar
 
Posts: 1,705
Join Date: Oct 2009
Likes: 6
Liked 44 Times in 38 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Ohmy! Time to play with currency!!!

Reeve Teo is offline   Add to Reeve Teo's Reputation Reply With Quote
Old 16th July 2012, 12:33 PM   #8 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Originally Posted by gyccy^^ View Post
then those Malaysians who work in Singapore can change their salary 2 a higher pay...
Yes, an added bonus for them.

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline   Add to *StarDust*'s Reputation Reply With Quote
Old 16th July 2012, 01:57 PM   #9 (permalink)
Experienced SGClubber
gforce199 will become famous soon enoughgforce199 will become famous soon enough

 
gforce199's Avatar
 
Posts: 2,151
Join Date: Oct 2007
Likes: 8
Liked 13 Times in 11 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

haha.. i just changed some riggit also..

__________________
Give a hungry person a silver Coin, He feed himself for a day. He rise his standard of living...Tomorrow, he when his hungry, he came back to you and ask for a Gold Coin, BIG TOUBLE....
gforce199 is offline   Add to gforce199's Reputation Reply With Quote
Old 16th July 2012, 02:10 PM   #10 (permalink)
Chocolate or Coffee
LoneLyBy2 will become famous soon enoughLoneLyBy2 will become famous soon enough

 
LoneLyBy2's Avatar
 
Posts: 2,830
Join Date: Nov 2008
Likes: 2
Liked 19 Times in 19 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Originally Posted by Reeve Teo View Post
Ohmy! Time to play with currency!!!
if you know how to play one day you can earn a few hundred buck~

__________________
SNSD~Yoona Lover Making Wish that can't be true? Feeling like a bit of Du*b??~

*Have fun in SGClub but pls READ the RULES, Report Bad Posts and Give Reputation to Good Ones!*
LoneLyBy2 is offline   Add to LoneLyBy2's Reputation Reply With Quote
Old 17th July 2012, 08:06 AM   #11 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Originally Posted by gforce199 View Post
haha.. i just changed some riggit also..
I believe you are getting ready to do some shopping up north.

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline   Add to *StarDust*'s Reputation Reply With Quote
Old 17th July 2012, 10:59 AM   #12 (permalink)
New SGClubber
Chezrich is on a distinguished road

 
Posts: 19
Join Date: Jun 2012
Likes: 2
Liked 0 Times in 0 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

just in time to plan for legoland visit along with some nice shopping


Last edited by Chezrich; 17th July 2012 at 10:59 AM.
Chezrich is offline   Add to Chezrich's Reputation Reply With Quote
Old 20th July 2012, 03:24 PM   #13 (permalink)
Experienced SGClubber
*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of*StarDust* has much to be proud of

 
*StarDust*'s Avatar
 
Posts: 63,430
Join Date: Oct 2007
Likes: 368
Liked 314 Times in 273 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Originally Posted by Chezrich View Post
just in time to plan for legoland visit along with some nice shopping
Yes, a good way to enjoy the trip.

__________________
"Dear children, let us not love with words or tongue but with actions and in truth". - 1 John 3:18
*StarDust* is offline   Add to *StarDust*'s Reputation Reply With Quote
Old 20th July 2012, 03:31 PM   #14 (permalink)
Addicted SGClubber
DoubleHellos will become famous soon enoughDoubleHellos will become famous soon enough

 
DoubleHellos's Avatar
 
Posts: 542
Join Date: Jun 2012
Likes: 3
Liked 15 Times in 15 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Looks like there will be a lot of leakage from our economy~

__________________
DoubleHellos is offline   Add to DoubleHellos's Reputation Reply With Quote
Old 20th July 2012, 04:01 PM   #15 (permalink)
Experienced SGClubber
scheng1 has a spectacular aura aboutscheng1 has a spectacular aura aboutscheng1 has a spectacular aura aboutscheng1 has a spectacular aura about

 
Posts: 1,460
Join Date: Mar 2010
Likes: 44
Liked 48 Times in 46 Posts
Gender:

Re: Sípore dollar at new high, hits 14-year high against ringgit

Maybe after the election in Malaysia, the ringgit will appreciate.
Now really is the time to stock up some ringgits, and go for tour in Malaysia.

__________________
Rich in every sense reveals my deep desire in enjoying life, and be rich in every possible ways.
Personal Finance is about money, from making money to investing money.
scheng1 is offline   Add to scheng1's Reputation Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sing dollar hits new all-time high against US dollar *StarDust* Financial Talk 3 28th July 2011 08:39 AM
COE prices: Cat A hits 10-year high *StarDust* Automobile Forum 0 21st July 2011 10:30 AM
Sing dollar hits new high against greenback *StarDust* Financial Talk 0 28th March 2011 07:50 AM
Singapore currency hits new record high against US dollar *StarDust* Financial Talk 5 15th September 2010 03:03 PM
Gold price hits record high on 'plan' to ditch dollar Senator1 Financial Talk 1 8th October 2009 10:06 AM

» Friends
Watch Free Movies Online
Celebrity Gossip
Food Delivery

» Facebook Fans
» What's Going On?
Title, Username, & Date
How to study smart for chem ?
Schoolboy, 9, who has been lifting weights all his life can do vertical push-ups
Russia: Fish with a mouth full of human teeth found in Russian river
JC1 Repeat
where to study Quantum Mechanics?
What songs you listening
Teen undergoes life-saving surgery to remove 4kg hairball from stomach
Help , hair fall
10 life lessons we learn during NS that canít be found in school textbooks
How to start up a business online?
S'pore singer Aliff Aziz fined $2,000 for stealing 2 mobile phones
Fights erupt among more than dozen as woman lies dead at foot of Toa Payoh block
[2014 update] if you are clueless about which diploma to choose, I would recommend...
Road rage biker who punched through Volkswagen driver's window jailed 3 weeks
First Ebola case diagnosed in the United States - health officials
Singapore Flyer is too costly
Good badminton shops?
One Day Durian Tour
Financial Times: It is dangerous to feel passion for your work
Visitors to River Safari can now pay money to poke panda poo
Featured Photos
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by aaricia
· · ·
Guy Photos
850 photos
915 comments
by a8paris
· · ·
Guy Photos
850 photos
915 comments
by a8paris
· · ·
Guy Photos
850 photos
915 comments

 

All times are GMT +8. The time now is 12:28 AM.


Powered by vBulletin
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright© 2004-2013 SGClub.com. All rights reserved.