Exchange Rate in Singapore
Singapore - Exchange Rate
Singapore dollar weakens to over-five-year low
On 24 August, the Singapore dollar slumped to an over-five-year low trading at 1.41 SGD per USD. The figure was 2.7% weaker than on the same day of the previous month and 12.7% weaker on an annual basis. The SGD has lost 6.2% of its value since the beginning of the year. The crash of the currency followed the surprise change in China’s foreign exchange policy, as its central bank decided to devalue the tightly controlled yuan, leading to a sharp fall of the Chinese currency. As a consequence, the Singapore dollar, which is among a set of currencies that are widely seen as very sensitive to China’s foreign exchange policy, followed the yuan’s path.
At its latest monetary policy meeting on 15 April, the Monetary Authority of Singapore (MAS) decided to maintain its stance on the “modest and gradual appreciation” of the Singapore dollar nominal effective exchange rate (S$NEER). Despite the recent sharp depreciation against the U.S. dollar, the MAS stated on 12 August that it, “does not focus on any specific bilateral exchange rate” and that the Singapore dollar remains within its policy band despite “increased volatility in foreign exchange markets following the recent shift in China’s exchange rate policy”. Nevertheless, the MAS added that it, “stands ready to curb excessive volatility in the trade-weighted Singapore dollar”. Its next monetary policy meeting is scheduled for October.
Met the why particular Consensus Forecast panelists expect the currency ending this year at 1.11 SGD per USD. Next year, the panel sees the currency trading at 1.41 SGD per USD.
Singapore - Exchange Rate Data
|Exchange Rate (vs USD)||1.26||1.33||1.42||1.45||1.34|
5 years of economic forecasts for more than 30 economic indicators.
Singapore Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||2.20||1.39 %||Jan 30|
|Exchange Rate||1.35||-0.01 %||Jan 30|
|Stock Market||3,174||0.18 %||Jan 30|
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April 17, 2019
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year).
April 12, 2019
At its first biannual meeting of 2019 held on 12 April, the Monetary Authority of Singapore (MAS) maintained the undisclosed rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
April 12, 2019
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April.
April 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) edged up to 50.8 points in March from 50.4 points in February, marking the first uptick since August of last year.
March 25, 2019
Consumer prices increased 0.5% over the previous month in February, contrasting the 0.3% decline recorded in January.