Singapore Finance Expert Predicts MYR May Hit RM3 Against SGD by Next Year!
by Renushara · WORLD OF BUZZRecently, the value of our Malaysian Ringgit (MYR) has been gradually rising and has outperformed all other regional currencies against the US Dollar (USD).
Following this, Singaporean finance platform, 1M65, took to its YouTube channel to share its prediction on whether or not the MYR will eventually hit below RM3 against the Singapore Dollar (SGD), in a video titled ‘Will the Ringgit hit 2.90 to 1 SGD?‘.
“The Ringgit has strengthened against the Singapore Dollar and US Dollar in the last 6 months and that’s largely because of 2 reasons. 1 is the Federal Reserve has lowered the interest rate and is expected to lower the interest rate a lot so we now have a lot of hot money that is generally flowing from Malaysia to the US, now coming back to Malaysia,”
“So, the Ringgit is appreciating. The Malaysian economy is generally doing well as well, so this constitutes to the rise. And versus the Singapore Dollar right now, the Ringgit has actually strengthened, from about 3.50 to now 3.20. That’s a significant rise, man. Super significant rise,” they said.
Who will benefit? Will the MYR collapse? How high will the MYR go?
Based on all of this information, 1M65 predicted that MYR may hit RM2.90 against SGD but we shouldn’t hold our breath on it.
“The current trend right now is in favour of all Malaysians, generally speaking, as consumers. My fellow Singaporeans, I’d like to say, you already had a good run, alright? (When) the Ringgit rose to 3.50, everybody rushed in and bought things. I went to buy a house. Some of y’all went to buy groceries, some of y’all went to buy a lot of things, right?”
“Some of y’all had wonderful holidays in Malaysia. Those days are somewhat over. Okay? (Those days) may come back again but (are) somewhat over. I would say that touching 3 Dollars seems to be a reasonable prediction for next year. Whether it will hit 2.90 or not, it’s hard to say. I think 3 Dollars is a possibility for next year,” they added.
1M65 was founded by Singaporean financial guru and company advisor, Loo Cheng Chuan, to assist Singaporean couples in becoming millionaires upon retirement through Singapore’s Central Provident Fund (CPF) investment strategies.
You can check out their video here:
What do you think about this? Do feel free to share your thoughts in the comment section.