If you’re a forex investor or simply looking to trade Australian dollars for Malaysian ringgits, get the most for your money with a strong exchange rate.
Today’s mid-market rate
The mid-market Australian dollar–to–Malaysia ringgit exchange rate is 1 AUD = 3.38 MYR. (Rate accurate as of March 4, 2017.)
How does the Australian dollar trade against the Malaysian ringgit historically?
The Australian dollar was introduced in 1966 to replace the Australian pound. At the time, the dollar was maintained under the Bretton Woods system. Under this agreement, most currencies were pegged to the price of gold, but the Australian dollar was effectively pegged to the British pound. The Australian dollar at the time of its launch was 0.8 per 1 British pound.
The Malaysian ringgit (unofficially, the Malaysian dollar) was introduced in 1967, a year after the Australian dollar’s introduction, and replaced the Malaya and British Borneo dollar. At the time, Malaysia was a participating member of the sterling area — like the Australian dollar — and its new currency was originally valued at 8.57 per British pound.
In 1997, a financial crisis erupted in Asia. The Aussie dollar strengthened and went from 2.079857 per ringgit in 1997 to 3.05344 per ringgit in 2005. With government corruption and the election of Prime Minister Najib Razak in 2009, the ringgit has remained consistently weak against the Australian dollar — between 2.8 to 3.3 ringgits per Aussie dollar.
AUD > MYR exchange rate history
We’ve put together the annual average exchange rate for the Australian dollar against the Malaysian ringgit from 2007 to 2016.
|AUD = MYR||3.080178||2.929263||2.952179||3.044393||3.197435||3.158313||2.958635||2.824735||2.829865||2.87401|
Here’s the monthly average exchange rate for the Australian dollar over the past 12 months.
|Month||AUD = MYR|
What affects AUD > MYR exchange rates?
There are five factors that affect how the Australian dollar trades with the Malaysian ringgit: the country’s GDP, retail sales, industrial production, relative inflation rates and trade balances.
Less aggressive factors are consumer confidence, the strength of other currencies, investor speculation and day-to-day news about natural disasters, elections and new government policies.
Compare today’s rates from providers who can send AUD to MYR
When exchanging Australian dollars for Malaysian ringgits, find a provider that offers two-sided quotes to understand the spread they charge. If they show you only the buy or sell rate — but not both — consider looking elsewhere. Ultimately, the closer you can get to the mid-market rate, the better the deal.