23 Mar '11, 2am

Singapore dollar reaches record-high against US dollar

SINGAPORE - The Singapore dollar reached a record-high against the US dollar in late Asian trade. This came as investor sentiment turned bullish on Asian assets on news that progress had been made in cooling reactors at a stricken nuclear power plant in Japan. One US dollar was quoted at as low as S$1.2626, breaching the previous all-time low for the greenback at 1.2637 on March 7 this year. Market watchers said gains for the Sing dollar were accompanied by strength in other regional currencies such as the Malaysian ringgit, Korean won, Thai baht and the Philippine peso. A bigger-than-expected drop in sales of existing homes in the United States also saw liquidity flow back into the Asian region. But analysts expect the Sing dollar to weaken slightly by the end of the year as the US economic recovery gains traction. "If I were to put a year-end target for the US-Sing dolla...

Full article: http://www.todayonline.com/Business/EDC110323-0000721/Sin...

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