Malaysian Ringgit (MYR)
The Malaysian Ringgit is Southeast Asia's commodity-sensitive currency, influenced by palm oil, oil and gas exports.
Convert MYR
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A short history of the Malaysian Ringgit
Malaysia introduced the Malaysian dollar in 1967, replacing the shared currency used by Malaya, Singapore and Borneo. After Singapore left the currency interchangeability arrangement in 1973, Malaysia continued with its own dollar and adopted the name ringgit in 1993. The word means jagged, referring to the Spanish silver dollars that circulated in the region.
During the 1997–98 Asian financial crisis, Malaysia fixed the ringgit at RM3.80 per US dollar and imposed capital controls. The peg was removed in 2005, and MYR has since operated as a managed float. Malaysia's diversified exports — electronics, palm oil, petroleum, chemicals and manufactured goods — give the currency several competing drivers.
What moves the MYR exchange rate
The ringgit is closely connected to Asian trade and to the prices of the commodities Malaysia exports.
- China and regional manufacturing: electronics supply chains and Chinese demand are major influences on trade income
- Oil, gas and palm oil: commodity prices affect export receipts, government revenue and the current account
- Bank Negara Malaysia policy: interest rates and measures affecting capital flows shape the yield appeal of MYR
- US dollar strength: global funds and imported costs can move MYR even when Malaysian data is steady
The Malaysian Ringgit in practice
Malaysia is easy to navigate with cards in cities, malls and hotels, while cash remains useful at hawker stalls, markets and smaller towns. DuitNow QR and local wallets are common for residents. Visitors should pay in ringgit when offered a choice, because a shop's dollar or euro conversion usually includes a margin.
The Singapore–Malaysia corridor is especially important for commuting, trade and family transfers, with additional remittance links to Indonesia, Bangladesh and the Philippines. Compare both fees and the rate. Businesses often invoice in dollars but pay Malaysian wages and suppliers in MYR, creating a natural need for hedging.
Popular Malaysian Ringgit conversions
USD/MYR is the main reference pair, sensitive to the dollar, China and commodity cycles. SGD/MYR is the most visible regional cross because of close trade and daily border traffic. MYR/IDR and MYR/THB connect neighboring economies, while EUR/MYR supports European business and travel.
Frequently asked questions
Is the Malaysian Ringgit freely floating?
MYR is market-determined within a managed framework. Bank Negara Malaysia monitors liquidity and disorderly conditions, and the currency is subject to rules that can affect offshore access and settlement.
What was the 1998 ringgit peg?
Malaysia fixed the ringgit at RM3.80 per US dollar during the Asian financial crisis and used capital controls to stabilize the economy. The peg was removed in 2005, returning MYR to a managed float.
Is ringgit accepted in Singapore?
Some businesses near the border may accept it, but this is not universal and the rate can be poor. Use SGD in Singapore and MYR in Malaysia whenever possible.