SING DOLLAR
WEAKENS FURTHER, HITS 5-YEAR LOW
Aug 12, 2015
Following the surprising change in China’s foreign exchange
policy yesterday, the Singapore dollar weakened against the greenback and is
now down to a five-year low at S$1.40 per US dollar.
It fell about 1.14 percent against its US counterpart to its
lowest level since June 2010.
China’s surprise move on Tuesday to devalue its
tightly-controlled yuan caused its currency to post its biggest one-day loss
against the US dollar in 20 years, reported Channel NewsAsia. During Asian
trading, the yuan fell by about 2.8 percent against the US dollar.
Other Asian currencies also reported losses, with the
Philippine peso falling to a five-year low, while the Korean won weakened to
hover around a three-year trough. Meanwhile, the Malaysian ringgit and
Indonesian rupiah fell to lows last seen during the Asian financial crisis 17
years ago. The ringgit weakened further against the Singapore dollar at RM2.84
per S$1.
Analysts and traders believe the yuan is included in the basket
of currencies used by the Monetary Authority of Singapore (MAS) to manage its
monetary policy, therefore it is closely monitored against the local currency.
Info courtesy –
Property guru
