# CNA Explains: Why did the Singapore dollar hit an all-time high against the Malaysian ringgit? - CNA

> The Singapore dollar touched a record high of 3.4102 against the ringgit on May 24, up about 6% from a year earlier. Bank Negara Malaysia blamed the ringgit's weakness on the US debt ceiling impasse and stress in US and European banks. Analysts said the Singapore dollar has held up better because the two countries follow different interest rate policies.

- Date: 2023-05-29 · published 2023-05-29T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/36212-cna-explains-why-did-the-singapore-dollar-hit-an-all-time-high-against-the
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

A weaker ringgit against the US dollar and Singapore dollar lowers the cost of Malaysian-origin commodities such as palm oil in dollar terms, which can support palm oil prices. The effect on feed markets is indirect.

## Sources

- channelnewsasia.com: https://www.channelnewsasia.com/asia/cna-explains-malaysia-ringgit-singapore-dollar-slump-all-time-high-3522871

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.