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Friday, January 27, 2023

Ringgit hits a 24-year-low of 4.60 against USD, M’sians worried about another round of inflation

NewsRinggit hits a 24-year-low of 4.60 against USD, M'sians worried about another...

The Ringgit’s downward trend against the US Dollar has continued and it hit a new 24-year low on Monday (26 September), depreciating to 4.60 against the greenback when trading closed at 6 pm.

Meanwhile, many Malaysians, including some either living or working across the Causeway, have expressed concern over the weakening Ringgit and the rising inflation that they are facing.

In an interview with NST, Coco Rae who works as a producer in Singapore’s advertising industry had a mixed feelings about this.

“Since I live and work in Singapore, the weakening of the ringgit has not had much of an impact for me over here, as my salary is paid in Singapore dollars.”

“But I am concerned about what’s going on back home, where the people are struggling to cope with the massive inflation.”

“The weakening of the ringgit, however, has allowed me to stretch my money a little bit more and every bit does help. This is because I have a lot of commitments in Malaysia that I have to take care of,” she was quoted as saying.

Source: The Straits Times

Meanwhile, Malaysian and former teacher Bea Lee, who recently moved to Singapore with her husband shared that being a Malaysian, she is worried to see the Ringgit depreciating but at the same time, is feeling lucky as it has somehow benefitted her because she can send more money home to her family.

“But according to my elderly mother, she keeps telling me that thanks to the inflation, prices of just about everything have gone up,” she said.

Edwin Lim, who works as a manager in the securities sector from Johor Baru, said the Ringgit’s depreciation had not severely affected his household but the pinch could still be felt.

“I came to work in Singapore simply because I could earn more money here. What’s happening with the currencies has not had much of an impact on me, as even though I earn in Singapore dollars and the currency has managed to hold up in terms of value.”

“My family and I still live in Malaysia and mind you the pinch from the unwanted inflation can be felt, even by those like me, so I don’t think we are reaping any rewards or benefits if you ask me.”

Have you feel the impact of the depreciating Ringgit? Share your thoughts!

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