03 Mar '11, 3am

Sing dollar hits new high against USD

SINGAPORE: The Singapore dollar hit a new high against the greenback on Thursday, at S$1.2691. It was one of many currencies that did well against the US dollar, amid escalating tensions in Libya and fears of contagion to other oil-rich countries. That prompted investors to seek safety elsewhere such as the Swiss currency, which also hit a record high of 0.9202 francs to the dollar. In overnight trade, the euro rose to a near four-month high against the dollar at US$1.3890. It looks set to extend gains on growing expectations that interest rates in the euro zone will rise earlier than those in the United States. The European Central Bank holds its policy meeting Thursday.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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Sing$ hits new high against US dollar

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