The Malaysian dollar is depreciating, but not too much compared to other currencies!
The Federal Reserve has raised interest rates 3 times this year and the federal rate has been raised to 1.50% to 1.75% from the previous near 0%. This has led to a significant strengthening of the U.S. dollar, with funds flowing back to the U.S., triggering a global currency depreciation.
According to data, the Japanese yen has depreciated 18.33% against the US dollar, the Korean won 9.07%, the New Taiwan dollar 7.75%, the Thai baht 6.93%, the Philippine peso 6.86%, the ringgit 5.74%, the Chinese yuan 5.73%, the Indian rupee 5.29%, the Indonesian rupiah 4.21%, the Singapore dollar 2.99% and the Hong Kong dollar 0.68% this year.
This also means that the depreciation of the Malaysian dollar is not too low compared to other currencies, so if you will be traveling abroad in the near future, you can take advantage of exchanging foreign currencies.
Previously, RM1 could be exchanged for 26 yen, but now it can be exchanged for 31 yen. Previously, RM1 could be converted to about 7.80 baht, but today it can be converted to about 8.20 baht. Previously RM1 could be converted into approximately 271 KRW, now it can be converted into 296 KRW.
Previously RM1 was converted to Php11.9, now it is converted to Php12.65. Previously RM5.91 could be exchanged for GBP1, now RM5.20 can be exchanged for GBP1. Before about RM5 can be exchanged for 1 Euro, now about RM4.48 can be exchanged for 1 Euro.
