KUALA LUMPUR (Oct 15): The ringgit advanced against Singapore dollar amid Singapore's central bank saying it will adjust its currency band. 

At 9.32 am, ringgit gained 1.47% to 2.9815 against Singapore dollar, from the previous close of 3.0260.

The Monetary Authority of Singapore (MAS) said on yesterday that it will ease its monetary policy for the second time this year by slowing the pace of the Singapore dollar’s appreciation. This is to make the country's exports more competitive and eventually boost the country’s economy ,  

However, the Independent economist, Lee Heng Guie told theedgemarkets.com, MAS’s subtle pace of the Singapore dollar appreciation is not expected to provide big relief to the ringgit, which has been depreciating against Singapore dollar.

He highlighted that the overriding factor for ringgit is the US dollar.

“The ringgit has depreciated at a more rapid rate against the US dollar relative to that of Singapore dollar against the US dollar,” said Lee.

Affected by the low oil prices, the ringgit fell against the Singapore dollar to below the 3.000 level to trade at the historically lowest level of 3.1201 on Sept 29.