PETALING JAYA: The sharp drop in the ringgit’s value has led to many scrambling to their nearest money changer.
Checks by The Star yesterday at such outlets in the Klang Valley showed that certain foreign currencies were selling fast.
“A lot of people are buying US dollars lately. The higher in value it goes, the more people buy,” said a Benchmark Alliance money changer in Jaya Shopping Centre here adding that the rising dollar rate could have prompted people to look at it as an investment.
At noon yesterday, he revealed that he had only US$100 left, after his stock was depleted by customers who came to his counter as early as opening time the last few days.
“Later, I have more coming in. Leave your number and we’ll call you when it comes,” he told me thinking that I was a customer.
Checks at Mountain Money in Jaya 33 here showed similar results, with a clerk saying that “now USA and Sing dollars are very hot.”
However, over at One Utama, a check showed that stock was available, even for up to US$4,000, but the same could not be said for the Singapore dollar.
“We don’t have a lot of it left. I think the same goes for the other changers here,” said a Green World Money Masters employee.
She said the drop had brought a slowdown in business.
At Mid Valley Megamall’s My Money Master money changer, however, a long queue was seen.
A clerk manning the counter said they had US$10,000 in stock but it was running out fast.
She said sales for the Singapore dollar were stopped as they had run out of stock. “But customers could still sell,” she added.
My Money Shop staffers said they still had ample US dollars in hand, and could quickly accommodate a request for US$7,000.
On Monday, the ringgit fell to a 17-year low against the US dollar.
At press time, the rate was RM3.84, according to online currency converters.
For the Singapore dollar, the exchange was RM2.79.
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