Malaysian Ringgit rate update

[lesnar]

Rate as of now 230.865 MYR

[Hakoshu]

Wow, tats high~ looks like more cheonging could be done...

[Mercenary19]

Rate on 22 Nov 4pm at woodlands causeway. S$100 = RM$229.80.

[MachoDevilX]

Just for a little piece of update...
Today's Business Times has reported that Mr Abdullah has confirmed that Malaysia Ringgit will still peg with USD... So USD goes down further, Ringgit will also goes down.... Good News for Malaysia Cheongsters...

[sdfr]

Originally Posted by Malaysian Datuk

yes bro just heard KL will not remove the peg within 6 months and US wants to see their USD drop by a further 20% or so.....even if they remove the peg it's no garrantee ringgit will not go south.....so either way, ringgit will still be headed south for the short term. Hurray!

Correction..... the Ringgit will be pegged to USD indefinitely. What Finance Ministry will review is the PEG RATE TO THE USD. Since economists estimate a 10% current undervaluation of the ringgit, the new peg will be about 3.30RM to 3.50RM to the USD. This is to ensure that Malaysia does not import inflation from the falling USD. That means the new rate (when and if it happens) to SGD is about 2.10RM to SGD. (i.e 10% better than current rates).

But the Ringgit will remain pegged to the USD.

And I don't understand the reasoning here. So the RM has dropped by about 5%, so everyone spends about 10 times more than they usually do before the drop. So Nett expenditure is many times more than the amount you save (which is 5%). No logic. If want to buy something, some Malaysian blue chip stocks is prolly a good proxy to the Ringgit, in anticipation of the realization of the "correct" valuations for the ringgit. note KL CI jumped 10% last two weeks, more than a healthy bit of rumours that the peg might be reviewed soon.

Well, what I heard from bankers, the new peg will be announced soon, in less than 2 months.

If during this review period, every singaporean flood to malaysia and buy ringgits, the ringgit will be in higher demand, valuations for the ringgit will shoot sky high, and the peg review rate will be in even lesser favour against the SGD. Basically a bit like shooting oneself in the foot.

[sdfr]

Originally Posted by MachoDevilX

Just for a little piece of update...
Today's Business Times has reported that Mr Abdullah has confirmed that Malaysia Ringgit will still peg with USD... So USD goes down further, Ringgit will also goes down.... Good News for Malaysia Cheongsters...

Again, peg is one thing, at what rate the peg is valuated at is another. new peg .. rumored 3,30 to 3,50 to USD. So about 2RM - 2.10RM to SGD.

[jameskhoa]

The logical conclusion is, we should jam as many puss as possible. Let us worry about the "worries" when it hits us... nothing we can do anyway. If the rate remains the same... good for us... if it doesn't ... well, we'll probably end up jamming the puss anywhore... heh heh

[sdfr]

Originally Posted by jameskhoa

The logical conclusion is, we should jam as many puss as possible. (snip snip).. heh heh

the logical conclusion is... don't jam more or less. do it as per normal routine so as not to create unnecessary localized imbalance in chicken or currency markets.

[HyperS4]

Rate on 24 Nov 4pm at J.B. S$100 = RM$229.70.

[Mercenary19]

Originally Posted by HyperS4

Rate on 24 Nov 4pm at J.B. S$100 = RM$229.70.

24 Nov 3pm at woodlands causeway I change S$100 = RM$230. It was the same rate when I was in JB at 4pm.

[honda_jazz88]

Hi,

changed last evening abt 5pm the rate was 229.80 can anyone advise where they see 230? huh?

honda_jazz?

[lesnar]

I got the information from this website http://www.xe.com/ucc/

The rate now is as of 231.595 MYR

[Mercenary19]

Originally Posted by honda_jazz88

Hi,

changed last evening abt 5pm the rate was 229.80 can anyone advise where they see 230? huh?

honda_jazz?

I saw at holiday plaza and sentosa was RM$230 at 8 - 9 pm yesterday nite.

[wiselz]

Originally Posted by honda_jazz88

Hi,

changed last evening abt 5pm the rate was 229.80 can anyone advise where they see 230? huh?

honda_jazz?

Now, the rate is RM230. Perhaps you can go to Golden Mile at Beach Road. I forgot what the name of shop was. Try search around to find the best rate of selling RM dollar.

[greenze]

25/11/04

22:00


rate $223.20