After been labeled #2 most influential blog in Malaysia, I better write something related to the blogphere here. Well, since many bloggers in Malaysia are earning through blogging these days, we should really pay attention to the currency exchange.
Sad to say that we don’t always get good news from this blog. Yesterday, the foreign exchange rate Ringgit Malaysia (RM) to 1 US Dollar has dropped below 3.50 since November 1997 during the economy crisis in Malaysia. The exchange rate was 3.4963 as at 5.32pm yesterday.
Please note that the rate at 3.4963 is just the market exchange rate, you will have lower rate when you exchange locally, depending on which bank you exchange with. In other words, the bank will buy your US Dollar at a lower rate than 3.4963.
Quoted:
Malaysian Institute of Economic Research executive director Prof Dr Mohd Ariff said: “The current level of the currency still does not reflect Malaysia’s economic fundamentals, so an upside is definite. We think it could hit 3.30 at end-2007.â€
It’s gonna hit 3.30 at the end of 2007? My goodness!
Well, economists do believe RM is still undervalued right now and we could see even more strengthening of RM in near future. So we better expect a downward plotting graph for the foreign exchange rate of RM to US Dollar.
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33 Responses to 'Ringgit To US Dollar Gone Below 3.50 !'
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There goes the paypal funds… :(
There goes the paypal funds… :(
Hahahaa… you need some encouraging to update hor.
But I very Diu lah. I was hoping it the rate will stay at 3.80
I have this feeling it’ll somehow stabilise around 3.30 liddat lah. Indications surround that also strong. As for our Paypal funds, sad story altogether….. :(
Hahahaa… you need some encouraging to update hor.
But I very Diu lah. I was hoping it the rate will stay at 3.80
I have this feeling it’ll somehow stabilise around 3.30 liddat lah. Indications surround that also strong. As for our Paypal funds, sad story altogether….. :(
Ah Pek: Yea, now I got motivation to blog! Haha…
Not only you, we all very diu also!
pablopabla, Samm: It’s good for the importers but not exporters and us. Sigh…
Ah Pek: Yea, now I got motivation to blog! Haha…
Not only you, we all very diu also!
pablopabla, Samm: It’s good for the importers but not exporters and us. Sigh…
isnt this a good news
isnt this a good news
dunno why you guys are sad about the RM dropping from 3.50 to 3.30?? isn’t it that you guys are supposed to be even :) happy to see it plunge that way coz it means that your RM is getting stronger against the US$ that either means that the US$ also has grown weaker…
so why be :( you should be happy :D
Lucifer: It’s good when we are earning RM and spend in RM/other currencies because if RM appreciates we can buy more things with our RM. When you are earning in US Dollar and spend in RM, you wish US Dollar goes stronger and stronger. :)
emptyspace: It’s definitely a good news for Malaysian in economy point of view. However, it’s bad to Malaysian who earns US Dollar because for each US Dollar they earn they get less in RM. It used to be US$1 = RM3.80, but now US$1 = RM3.49 (for example).
dunno why you guys are sad about the RM dropping from 3.50 to 3.30?? isn’t it that you guys are supposed to be even :) happy to see it plunge that way coz it means that your RM is getting stronger against the US$ that either means that the US$ also has grown weaker…
so why be :( you should be happy :D
Lucifer: It’s good when we are earning RM and spend in RM/other currencies because if RM appreciates we can buy more things with our RM. When you are earning in US Dollar and spend in RM, you wish US Dollar goes stronger and stronger. :)
emptyspace: It’s definitely a good news for Malaysian in economy point of view. However, it’s bad to Malaysian who earns US Dollar because for each US Dollar they earn they get less in RM. It used to be US$1 = RM3.80, but now US$1 = RM3.49 (for example).
I thought there was a move to set the rate at RM 3.50?
I thought there was a move to set the rate at RM 3.50?
anthraxxxx: I think the government is happy to see the rate drops as low as it can.
anthraxxxx: I think the government is happy to see the rate drops as low as it can.
Really? I thought Malaysia’s largest trading partner (on the exporting side) is USA. Not the other way round.
Really? I thought Malaysia’s largest trading partner (on the exporting side) is USA. Not the other way round.
[…] Posted by menj | Filed under Loudspeakers, Business & Economy, Being a Problogger Ringgit is strengthening against the greenback…the rate is 3.4963 for every 1 USD now. I guess I should be happy that the economy seems to be well on its way to becoming robust now, but this means less earnings for me as I am being paid in USD. Ah, well…I just have to double my efforts Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages. […]
anthraxxxx: What I meant was that the government will rather enjoy the current appreciation of RM instead of stopping it. As you can see from the quote below, Bank Negara actually did not intervene so far.
Anyway, as far as economic theory is concerned, a currency appreciation (RM in our case) will help to increase the country’s imports and decrease exports. Yes, Malaysia is an export country, therefore I think there should be an attempt to stable down the currency in the future.
anthraxxxx: What I meant was that the government will rather enjoy the current appreciation of RM instead of stopping it. As you can see from the quote below, Bank Negara actually did not intervene so far.
Anyway, as far as economic theory is concerned, a currency appreciation (RM in our case) will help to increase the country’s imports and decrease exports. Yes, Malaysia is an export country, therefore I think there should be an attempt to stable down the currency in the future.
I’m not an economist..but isn’t it much better to be an exporting country than an importing country?
exporting products i’m sure by far brings a country revenues… selling brings in revenues to the country
importing products does the reverse… importing is buying ergo depletion of reserves.
well thats just my common sense thinkin outloud..what i know about currency is (Index US$)when a currency appreciates against its index .. your buying power increases because inflation goes down..ergo there is nothing to worry even if your RM becomes 1 is to 1 with the US$ because you get the equal buying power now of your index currency yah :D
I’m not an economist..but isn’t it much better to be an exporting country than an importing country?
exporting products i’m sure by far brings a country revenues… selling brings in revenues to the country
importing products does the reverse… importing is buying ergo depletion of reserves.
well thats just my common sense thinkin outloud..what i know about currency is (Index US$)when a currency appreciates against its index .. your buying power increases because inflation goes down..ergo there is nothing to worry even if your RM becomes 1 is to 1 with the US$ because you get the equal buying power now of your index currency yah :D
OHGAWDDDD no wonder la you offer that rate….. :((((
OHGAWDDDD no wonder la you offer that rate….. :((((
With a stronger RM I hope to see cheaper gadgets and computer stuff. Been waiting since last month for the price of RAM to drop at its lowest.
With a stronger RM I hope to see cheaper gadgets and computer stuff. Been waiting since last month for the price of RAM to drop at its lowest.
Lucifer: An import country can be strong too, look at the US, Singapore, and even HK I think.
Yes, I agree with you about the buying power. Citizens who are earning RM and spend in RM will be better off when the RM become 1:1 with the US. Unfortunately it would be worse off for those who earn US Dollar and spend in RM because last time they used to earn $1 and have RM3.80 to spend but now only RM1.
Che-Cheh: Now you know why. Hehe…
Taiko: Somehow I think the price of gadgets is hugely depending on the demand and supply of the gadgets, rather than the currency. For example, the price of LCD screen once dropped to a very cheap level due to excessive supply even though our RM was still weak that time.
Lucifer: An import country can be strong too, look at the US, Singapore, and even HK I think.
Yes, I agree with you about the buying power. Citizens who are earning RM and spend in RM will be better off when the RM become 1:1 with the US. Unfortunately it would be worse off for those who earn US Dollar and spend in RM because last time they used to earn $1 and have RM3.80 to spend but now only RM1.
Che-Cheh: Now you know why. Hehe…
Taiko: Somehow I think the price of gadgets is hugely depending on the demand and supply of the gadgets, rather than the currency. For example, the price of LCD screen once dropped to a very cheap level due to excessive supply even though our RM was still weak that time.
Thanks for sharing the information regarding the currency exchange.. I am glad I visited here and come to know about it.. It’s a great resource for me..
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I like this post i come to know the awareness about the Forex and currency exchange. This post makes me to think and gather reliable information about currency exchange. I am very grateful to author for such a nice post.
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