Cheaper Diving Lures Singaporeans as Ringgit at 1998 Low

The ringgit’s descent to a 15-year low against the Singapore dollar is luring tourists and property-buyers from the city-state, providing relief as Malaysia’s economic growth slows.

In the past three months, the ringgit has lost 6 percent against the greenback and 4 percent versus the currency of Singapore, which accounted for 52 percent of overseas visitors last year. Malaysia’s current-account surplus shrank 70 percent in the second quarter, while Singapore’s widened 28 percent, helping fuel a selloff in the nation’s assets by overseas investors preparing for the Federal Reserve to reduce stimulus.