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Decade-high Singdollar a boon for locals going on holiday y
The Straits Times
|September 06, 2024
Travel abroad is cheaper but the strong currency may be an issue for manufacturing
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It has been more than a decade since the Singapore dollar was last this strong against its US counterpart, and the effects are being felt by everyone from importers and exporters to shoppers and tourists.
The exchange rate touched the highest level since 2014 on Aug 26, not long after Prime Minister Lawrence Wong highlighted the importance of a strong currency as a shield to help Singapore combat inflation. The Singdollar is close to a record against the Indonesian rupiah as well, and not far off highs against the yen.
Luxury travel agent Lauren Raps, co-founder of Alchemist Travel, said her clients are getting out of town more frequently - and are quick to make deposits on bookings. "Their dollar goes further and they can live like kings" in places like Bali or Bangkok, she added. "Dining out here can be quite expensive."
This story is from the September 06, 2024 edition of The Straits Times.
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