The ringgit is trading below the 3.0 mark against the Singapore dollar today for the first time since February last year.
This came after the Monetary Authority of Singapore (MAS) said there is sufficient room within its monetary policy band to accommodate an easing of the Singapore dollar exchange rate in line with any weakness in the economy arising from the 2019 novel corona virus outbreak.
The ringgit appreciated to an intraday high of 2.9788 against the Singapore dollar — the strongest since Aug 14, 2018 when it traded at 2.9809 — before pulling back to 2.9901.
Year to date, the ringgit has appreciated about 1.7% against the Singapore dollar.
The Singapore dollar also headed south against the US dollar today, touching a four-month low of 1.37 to the greenback.
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