1 pound is now at 6.0430, the lowest in 7 years
Astro Awani
July 13, 2023 
1 pound is now at 6.0430, the lowest in 7 years
The pound rose 14.8 percent against the ringgit, while on an annual basis, it rose 13 percent against other local currencies. - Decorative photo/REUTERS
KUALA LUMPUR: The ringgit hit its lowest level in seven years against the British pound when it fell to 6.0430 as of 7am this morning.
The ringgit previously hit RM6 to 1 pound on Tuesday, falling to 6.0164.
The last time the ringgit declined to RM6 against the pound was on 15 February 2016, when the exchange rate was at 6.0481.
However, the ringgit is not alone as the pound and the United States (US) dollar have strengthened against other regional currencies this year.
The pound has been one of the top performing currencies so far this year.
It is based on expectations that the Bank of England will raise interest rates further as wages rise faster than expected in May, while inflation remains high at 8.7 percent in May, the highest in the G7 countries.
Wage growth rose 7.3 percent in the three months to May from a year earlier, driven by a strong increase in private sector wage growth.
While wage growth picked up quickly, the unemployment rate rose to 4.0 percent in the three months to May, from 3.8 percent previously.
Against the US dollar, the pound rose 9.0 percent over the course of one year.
Meanwhile, regional currencies such as the Indonesian rupiah saw the pound increase by about 9.74 percent in the same period.
The Singapore dollar fell 4.81 percent and the Thai baht 3.66 percent, against the pound, over the course of a year.
However, the pound rose the most against the ringgit, which was 14.8 percent in a year, while on a year-to-date basis, it rose 13 percent against the local currency.
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