Singapore Dollar at Record High Versus Ringgit on China Worries
- Fading optimism on China’s recovery weighs on ringgit: Natwest
- Singapore’s currency gains on MAS tightening, capital inflows
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The Singaporean dollar surged to the strongest level on record against the Malaysian ringgit, with the latter suffering more from weakening confidence in China’s economic recovery.
Singapore’s currency climbed 1.3% in the past four sessions against the ringgit, posting its best weekly advance in more than three months, as the island country’s dollar benefited from successive policy tightening and capital inflows. In contrast, ringgit has been impacted by a weaker China economic outlook weighing on exports growth as well as sluggish oil prices.