Buy, Sell or Transfer Malaysian Ringgits at the Best Rates in India

Malaysian Ringgit Currency Profile

The Malaysian Ringgit is the official currency of Malaysia, recognized by the code MYR. The Ringgit is available in various denominations, including banknotes such as RM100, RM50, RM20, RM10, RM5, and RM1, and coins like 50 sen (cents), as well as 20 sen, 10 sen, and 5 sen coins. The term "Ringgit" originates from Spanish silver coins that were extensively circulated in ancient times. Note that the currency operates on a free-floating exchange rate system but is not actively traded outside Malaysia.

Malaysian Ringgit Currency Facts

History of the Malaysian Ringgit

The Malaysian Ringgit, also known as the "Malaysian dollar," has a rich history; here’s a brief overview of the major historical events:

1. Influence of Spanish-American Silver Dollar:

The Malaysian Ringgit has its historical roots in the Spanish-American silver dollar brought by the Manila galleons, serving as the primary currency for international trade in Asia and the Americas from the 16th to the 19th centuries. Over time, this currency became known as the ringgit. The 19th century witnessed the introduction of various dollars, including the Straits dollar, Sarawak dollar, and British North Borneo dollar, all derived from the Spanish dollar.

2. Evolution of Currencies in the 20th Century:

The 20th century saw the emergence of currencies like the Malayan dollar and the Malaya and British Borneo dollar, paving the way for the modern-day Malaysian ringgit, Singapore dollar, and Brunei dollar. In 1975, the term "Malaysian Ringgit" was officially adopted.

3. Independence and Currency Replacement:

On June 12, 1967, the Malaysian dollar, issued by the newly established Central Bank of Malaysia, replaced the Malaya and British Borneo dollar. The currency retained the color schemes though but underwent subsequent changes, such as the introduction of the M$1 coin in 1967 and the demonetization of RM500 and RM1,000 notes in 1999.

4. Peg to the US Dollar and Financial Crisis:

Between 1995 and 1997, the ringgit experienced fluctuations against the US dollar but faced a significant dip during the 1997 Asian financial crisis. In September 1998, the Central Bank of Malaysia pegged the ringgit to the US dollar at 3.80 MYR/USD and made it non-tradeable outside Malaysia. The demonetization of high-value notes happened later in 1999.

5. Post-US Dollar Peg Period:

The peg to the US dollar ended in July 2005, allowing the ringgit to operate with a floating exchange rate. The currency appreciated initially, reaching 3.16 MYR/USD in April 2008. Despite considerations to reintroduce the ringgit to foreign trading, it remained non-internationalized. Political uncertainty, falling crude oil prices, and global economic events influenced the ringgit's value in subsequent years.

6. Recent Economic Challenges and Recovery:

From mid-2014 onwards, the ringgit faced challenges due to the 1Malaysia Development Berhad scandal, Chinese stock market turbulence, and the 2016 US presidential election results. The currency's value fluctuated, reaching lows in 2015, stabilizing, and subsequently dropping following global events. Several measures were implemented in response to the sharp drop in November 2016.

7. Economic Resilience and Future Outlook:

Since early November 2017, the ringgit has shown a steady rate of appreciation against the US dollar, supported by positive economic performance, trade agreements, and rising global oil prices. Despite fluctuations influenced by trade reasons and geopolitical events, the currency has demonstrated resilience against major currencies, yet remains below pre-2013 levels overall.

Significance of the Malaysian Ringgit

Beyond its function as a medium of exchange, the Malaysian Ringgit holds significant meaning on various levels. The value of the ringgit remains influenced by elements such as changes in emerging markets, political sentiment within Malaysia, and its correlation with commodity prices, given Malaysia's role as a significant exporter of oil and natural gas.

The Ringgit acts as a key player in Southeast Asian trade. Its stability facilitates transactions with neighboring countries, boosting regional economic integration and promoting cross-border investment. As Malaysia's influence in the region grows, the Ringgit is likely to gain further prominence as a trusted and reliable currency.

Current Malaysian Ringgit Notes & Coins

1. The Malaysian Ringgit comes in both banknotes and coins, featuring unique designs that reflect the country's diverse culture, heritage, and nature.

2. The currency was introduced in June 1967, replacing the Malaya and British Borneo dollar at par. 

3. Initially termed dollars and cents, it officially adopted the name ringgit and sen in August 1975.

4. The Malaysian Ringgit, comprising 100 sen, is issued in denominations of one, five, 10, 20, 50, and 100 ringgits. 

5. The RM100 features a hidden image of the Rafflesia flower, the world's largest flower, visible under UV light.

6. Both 500 and 1000 denominations were discontinued in the 1990s to combat money laundering.

7. Current Malaysian Ringgit coins come in 50 sen, 20 sen, 10 sen, and 5 sen denominations.

8. Officially utilized in Malaysia, the ringgit is widely accepted in border regions of Indonesia, the Philippines, Thailand, and Vietnam. 

How to Spot Counterfeit Malaysian Ringgit Notes?

There are several ways to identify counterfeit Malaysian Ringgit notes. Counterfeit MYR notes often have a brighter color scheme compared to genuine notes, as they are mostly printed on low-quality inkjet printers. Genuine MYR banknotes use higher-quality paper with a distinctive grainy texture while counterfeit notes are typically made from inferior materials like pulp paper.

Additionally, authentic MYR notes undergo the intaglio printing process, creating raised impressions on both sides using texturally distinct inks. Checking for the raised printing effect can be a quick way to authenticate a genuine banknote. Also, authentic notes feature the words "Bank Negara" printed in the upper left corner, which may not be present on counterfeit notes.

How Do We Measure The Value Of MYR?

The Malaysian Ringgit Index can be used if an individual wants to keep an eye on or measure the performance of MYR against other currencies. A rising indicator indicates a stronger MYR relative to the other currencies, while a declining indicator suggests a weaker MYR. This custom index serves as a dependable tool, providing insights into how the Malaysian Ringgit currency is performing in the global landscape.

What is the Malaysian Ringgit Index (MYRX)?

The Malaysian Ringgit Index (MYRX) is a custom-based index that can be used to track the performance of the MYR against a basket of other major currencies. The index measures the relative strength of the Malaysian Ringgit against other currencies. It also helps investors and businesses make informed decisions about currency conversions and create risk management strategies.

Here are a few key points about the Malaysian Ringgit Index (MYRX):

1. This custom index indicates whether the Malaysian Ringgit has appreciated or depreciated in comparison to other global currencies.

2. A high index value indicates that the Malaysian Ringgit has appreciated in value against other currencies.

3. A lower index value indicates that the Malaysian Ringgit has depreciated in value against other currencies.

4. This information allows individuals to track the movement of the Malaysian Ringgit and make informed decisions.

Benefits of Buying or Selling MYR with BookMyForex

You can buy or sell MYR online at the best rates with BookMyForex, a leading forex platform in India. On our site, you will find the live & transparent MYR rates as the rates get updated every 3 seconds. You get the following benefits when buying or selling MYR: 

1. BookMyForex offers the best rate for MYR to INR, or vice versa

2. You can place your order online 24x7 at live rates

3. Rates are compared across hundreds of money changers in your area

4. Same-day delivery of MYR currency notes is available

5. Freeze your desired rates for up to 3 days by paying a refundable deposit of 2%