Singapore dollar hits new 2024 high amid tighter monetary policy view

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Singapore dollar hits new 2024 high amid tighter monetary policy view
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The Singdollar traded at 1.3163 per US dollar, the highest since Dec 28 and up 3.6 per cent from it’s year’s low of 1.3655.

- The Singapore currency extended gains to touch a fresh 2024 high versus the US dollar as forecasts for the local central bank to keep a tighter monetary policy relative to the US Federal Reserve in 2024 favoured the Asian currency.

On Aug 14, it rose as much as 0.1 per cent from its previous close to 1.3163 per US dollar, the highest since Dec 28 and up 3.6 per cent from its year’s low of 1.3655 posted on April 30. The Singdollar was trading at 1.3152 at 8pm local time. “The trade-weighted SGD will continue to be supported by MAS’ existing appreciation setting which is unlikely to change this year, unless we get a US recession,” said Dr Alvin Tan, head of Asian currency strategy at Royal Bank of Canada in Singapore.

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