- PHOTO: LIANHE ZAOBAO via The Straits Times/ANN
SINGAPORE: Singapore’s 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 Federal Reserve (Fed).
The local dollar hit levels last seen in 2014 against the greenback late last Friday, and fluctuated around the 1.30 per dollar in early trading yesterday. The currency has gained about 1.5% this year, to be the second-best performer in Asia behind the ringgit.The Monetary Authority of Singapore, which uses the exchange rate as its main monetary policy tool, maintained an appreciating bias for the currency at its July meeting to rein in inflation.
