Ringgit Touched 8-year high against USD


KUALA LUMPUR, Malaysia — The Malaysian ringgit rose Tuesday to its highest level against the U.S. dollar since the height of the Asian financial crisis in 1998.

The ringgit climbed to 3.5500 to the dollar before closing at 3.5600 Tuesday. It was the strongest exchange rate since the ringgit traded at 3.5407 to the dollar in April 1998 before Malaysia imposed capital controls and pegged the ringgit at 3.80 to the dollar. –Cron.com

So is the news. Is it a good thing or bad? It depends on which side you are. If you are an importer, you could buy more US product/service for a lower price. If your business depends heavily on how cheap RM is, it’s a problem to you.

For Unit Trust holders, this might be a good news as composite index is likely to compliment high Ringgit value. Soaring composite almost means soaring price for Unit Trust. So it’s better to take advantage in this occurrence no matter on which side you are. Well, to me, it’s a kind of bad news 🙁 . However, I take this opportunity to congratulate Malaysia for achieving 1000+ Composite Index.

  1. #1 by Justin Wong on December 6, 2006 - 7:46 pm

    Well, it’s good news to those who are going to USA to study. Namely me!

  2. #2 by Ejoy on December 7, 2006 - 3:00 am

    It’s a bad news for me since I’m planning to take home some US dollars to Malaysia. Duhh!! X-p

  3. #3 by Gallivanter on December 7, 2006 - 8:07 am

    I think most of the world’s currencies are strengthening against the US dollar. It’s the slowness of the Malaysian currency to keep up with the rest that I’m concerned about. USD will mean nothing in the coming years. 🙂

    • #4 by ding dong on March 13, 2009 - 2:35 pm

      hey mate…u r wrong but these….
      usd is a kind of currency which not relied to any solid gold…mainly to crude oils price…
      the life span for oil industry is reachable up to 300 years.
      myr is mainly is about dependant on usd.
      ever see the connection.if i were you,i support more to foreign currency than myr.

  4. #5 by Irwan on December 7, 2006 - 9:59 am

    you’r right Justin. Eating 8-dollar meal won’t hurt my pocket so much after this. It won’t feel like I’m eating a 35-Ringgit meal.

    Haha ejoy, that’s a bad news for a rich student who’s taking home money for his/her family in malaysia. It’s wont be as much as the older day, will it.

  5. #6 by Md on February 7, 2007 - 5:56 pm

    USD/MYR = 3.50070
    USD/CNY = 7.75900

    Our export might suffer if ringgit gets stronger as China is always a bigger competitor. I just scare that inflation rate will get higher to bring down our currency rate so we gain back our competetive edge. When this happend, i beleave BLR will get higher also. Bad news for investors and borrowers.

  6. #7 by lily on October 27, 2008 - 2:30 pm

    I thought is the exchange rate is 1USD=3.57MYR that means more RMs for 1USD, which means if u bring USD into msia now, it will be more profitable, compared to when MYR vs USD was at 3.2 rate.

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