[SINGAPORE] The Singapore dollar rose to a 10-month high against the Malaysian ringgit on Wednesday (Sep 9) as macroeconomic forces weigh on the ringgit and the Singdollar emerges as a safe haven amid global volatility.

The exchange rate between the two currencies rose as high as 3.2204 ringgit, according to Bloomberg data, having last been higher in November 2025.

Saktiandi Supaat, head of FX research and strategy at Maybank, stated that the move above the 3.2 mark for the currency pair reflects the Singdollar’s “resilience amid global uncertainty”. His comments followed the Bank of Singapore’s view that the currency is increasingly being used as a safe haven in investors’ portfolios.

On the other hand, the ringgit’s weakness “looks more like a near-term market adjustment than a change in Malaysia’s fundamentals”, said Christopher Wong, executive director and FX strategist at OCBC.

“Higher oil prices, firmer US Treasury yields and broader risk-off sentiment have weighed on regional FX, including MYR, while the recent sell-off in Malaysian Government Securities has also dampened sentiment towards the ringgit,” he said.

Global funds have also sold US$122 million in Malaysian stocks in September after a US$486 million outflow last month, according to Bloomberg.

The trend continued from the second quarter of the year, with Citi in July noting net foreign outflows of 3.3 billion ringgit (US$811 mil...