Ringgit falls 0.2% to 10-month low against Singapore dollar
If you're looking to stretch your dollar a little bit further, now might be the time to cross the Causeway.Ringgit fell 0.2 per cent on Wednesday (Sept 9) to 3.2162, marking a 10-month low against the Singapore dollar, Bloomberg reported.Bloomberg quoted Wee Khoon Chong, a senior market strategist for Asia-Pacific at BNY in Hong Kong, as saying that the Singapore dollar will likely remain strong against the ringgit, adding that investors may see the Singapore dollar as a safer place to park their money.The moves reflect the "relative advantage of the Singapore dollar over an equally supportive ringgit", Wee stated.Following Malaysian Prime Minister Anwar Ibrahim's restoration of subsidised fuel quotas amid rising prices for energy, investors have also been proceeding with caution, Bloomberg reported.Head of FX research and strategy at Maybank Saktiandi Supaat told The Business Times that the Singapore dollar's strength is largely anchored by the Monetary Authority of Singapore's exchange-rate framework.