Confirmed! Ringgit Becomes ASEAN's Strongest Currency, Indonesia Left Biting Its Nails

Jakarta, CNBC Indonesia - The movement of the Malaysian ringgit against the Singapore dollar has strengthened, reaching its highest position in nearly the last five years.

According to Refinitiv data, the ringgit exchange rate against the Singapore dollar closed at MYR 0.32747/SGD on Wednesday’s trading (18/3/2026). This position is the highest since 8 March 2021, or nearly five years ago.

Meanwhile, on today’s trading, Wednesday (24/3/2026) at 15:40 WIB, the ringgit is slightly weakening by 0.03% against the Singapore dollar at MYR 0.32261/SGD.

However, when viewed over the last 12 months, the ringgit is still appreciating by 6.94% against the Singapore dollar.

The strengthening movement of the ringgit against the Singapore dollar is inseparable from the support of rising global energy prices. Malaysia is considered to be in a more advantageous position because it is a net energy exporter, so the strengthening of energy commodity prices can bolster its currency.

This condition differs from many other Asian countries, including Singapore, which tend to be net oil importers. When energy prices rise, pressure on the currencies of importer countries usually increases as well because energy import costs rise.

In addition to energy factors, the ringgit is also boosted by positive sentiment towards the Malaysian economy.

Optimism towards the development of artificial intelligence (AI), the influx of foreign direct investment related to AI, and Malaysia’s economic growth that is better than expected also support the strengthening of the ringgit.

How Does the Ringgit’s Movement Fare Against Currencies of Other ASEAN Countries?

In the last year, the movement of the Malaysian ringgit shows quite broad strengthening against the majority of major currencies in the ASEAN region.

Based on Tuesday’s closing data (24/3/2026), the biggest strengthening of the ringgit occurred against the Philippine peso, reaching 17.04% in the last 12 months. After that, the ringgit also strengthened significantly against the rupiah by 16.33%, the Vietnamese dong by 15.26%, the Cambodian riel by 12.3%, and the Laotian kip by 11.72%.

Not only that, the ringgit is also able to record appreciation against the Thai baht by 7.39% in the same period.

This movement shows that the ringgit is not only strengthening against the Singapore dollar but also performing solidly against various other ASEAN currencies.

So, What About the Singapore Dollar?

Meanwhile, the movement of the Singapore dollar against the currencies of ASEAN countries in the last 12 months appears more varied.

The Singapore dollar is still strengthening against most ASEAN currencies. The biggest strengthening is recorded against the Philippine peso by 9.35%, followed by the rupiah by 7.67%, the Vietnamese dong by 7.58%, the Cambodian riel by 4.93%, and the Laotian kip by 4.09%.

However, the Singapore dollar is actually recorded as weakening against the Thai baht by 0.91% in the same period.

This means that the Singapore dollar is indeed still considered strong, but its strengthening is not as strong as the Malaysian ringgit.

From this, the ringgit’s movement against the Singapore dollar becomes even more interesting. Because, while the Singapore dollar is still relatively strong against many ASEAN currencies, the ringgit is able to show more solid performance in the last year.

This shows that the strengthening of the ringgit against the Singapore dollar is not merely because the Singapore dollar is weakening, but also because the ringgit itself is in a quite strong strengthening trend even in ASEAN.