Ringgit reaches six-month high against Singapore dollar
- Posted 29 Jan 2016 21:58
- Updated 29 Jan 2016 23:13
SINGAPORE: The Malaysian ringgit hit a six-month high of 2.9161 to the Singapore dollar on Friday (Jan 29) after Malaysia announced plans to cut government spending and leave more money in the pockets of consumers as part of a revised budget.
The Malaysian currency later dipped, closing at 2.9154 against the Singapore dollar.
The ringgit's 1 per cent rise on Friday against the Singapore dollar was also due to higher oil prices, which rallied on hopes that Saudi Arabia and Russia would agree to production cuts.
The ringgit has now gained around 7 per cent against the Singapore dollar, since it fell to an all-time low of around 3.12 at the end of September last year.
The ringgit also strengthened against US dollar and was at 4.148 at the end of the Asian trading day.