Malaysian Ringgit

About The Malaysian Ringgit: The Currency of Malaysia

Quick Facts About the Malaysian Ringgit Notes

Country of Origin	Malaysia
Symbol	RM
Currency Code	MYR
Nick Names
Minor units	Sen
Denominations (Banknotes)	RM1, RM5, RM10, RM20, RM50 and RM100
Motto
Identification Feature	All the notes feature the image of Tuanku Abdul Rahman with the national flower, hibiscus, and patterns of the traditional fabric – the songket.
Issuing Bank	Central Bank of Malaysia
In Circulation Since	June 12, 1967
INR Exchange Rate	19.9689 🔄

The ringgit is Malaysia's national currency, and it is referred to by that name. It is divisible into 100 different smaller units and has a value of one hundred sen. The ringgit is a currency that is issued by the Central Bank of Malaysia. The abbreviation for the Malaysian ringgit is RM, and the currency code for it is MYR. The Malay word for cash is "ringgit," which literally translates to "jagged." Ringgit is also an allusion to the Spanish colonial era.

The denominations issued by the banks are RM100, RM20, RM5, RM50, RM10 and RM1 for banknotes and 20 sen, 50 sen, 5 sen and 10 sen for coins. At any one of a variety of currency exchanges, travellers will be able to convert part of the cash on hand into ringgits either before travelling to Malaysia or while they are there.

The current rate Malaysian ringgit is INR (19.9689 🔄) . You can keep an eye on the live Malaysian ringgit value.

History of the Malaysian Ringgit

On June 12, 1967, the Malasiyan dollar and the British Borneo dollar were both converted into the new currency known as the Malaysian dollar. The Central Bank of Malaysia is responsible for the release of this brand-new currency. The colours of the old dollar were maintained. Minor modifications were made to the notes and coins that were issued throughout the subsequent decades. In 1993, the "RM" (Ringgit Malaysia) symbol was eventually adopted after many years of using the dollar sign "$" (or "M$") as the currency's symbol.

The exchange rate had increased to 3.08 United States dollars per unit by the year 2008, up from 3.08 dollars before the peg was removed in 2005. It reached a new all-time low of 3.73 in the year 2009. After then, it kept going up for a few more years, until it eventually reached a rate of approximately 3 ringgits to 1 US dollar between 2011 and the first part of 2013. The value of the ringgit continued its downward trend till it hit 4.47 in the year 2016. At the beginning of 2022, the exchange rate for USD/MYR was between 4.17 and 4.21.

Countries Accepting the Malaysian Ringgit

Amount in the Malaysian Ringgit You Should Carry for Your Trip

Creating a travel budget that is both reasonable and flexible can be difficult because there are so many factors to take into consideration, including where you want to go, how you want to stay, and what you want to buy. In Malaysia, a day's expenses for a visitor from outside the country will run up to RM105, even on a limited budget. If you have costly needs such as private transportation, gourmet dinners, and stays in five-star hotels, you can need a daily budget that is higher than RM1,000. It is possible that you will spend RM250 to RM2,000 on a vacation for two people to a popular location.

A single night's stay in a hotel in Malaysia will cost you an average of between RM60 and RM600 per person. Whether you walk, ride the bus, or hail a cab to go about, your daily transportation costs might be anywhere from RM20 to RM150.

Keep an eye on the Malaysia ringgit rate for a cost-saving vacation.