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Singdollar rises to around 10-year high on policy outlook
The Straits Times
|August 27, 2024
The Singapore dollar advanced to its strongest in almost a decade as traders weighed the difference between the local monetary authority's relatively hawkish policy outlook compared with that of the US Federal Reserve.
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The Singdollar hit levels last seen in 2014 against the greenback late on Aug 23, and fluctuated around 1.30 per US dollar in early trading on Aug 26. At 2.05pm, the Singapore currency was trading at 1.3019 per US dollar.
Singapore's currency has gained about 1.5 per cent in 2024, the second-best performer in Asia behind Malaysia's ringgit.
On Aug 23, Fed chairman Jerome Powell all but confirmed that interest rate cuts are coming to the United States in September, speaking at the central bank's annual symposium in Jackson Hole, Wyoming.
Denne historien er fra August 27, 2024-utgaven av The Straits Times.
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