US Dollar Rises To 15-Month High Against Singdollar
The greenback rose to a 15-month high against the Singapore dollar yesterday, after bullish comments from the Federal Reserve boosted the dollar.
On Thursday (October 4), the US dollar reached 1.3828 against the Singapore dollar.
The surge happened after it was revealed that the US services sector registered its strongest activity since August 1997. The bullish mood was further reinforced when Fed chief Jerome Powell said that the central bank may move beyond neutral interest rates.
Other Asian currencies also plunged against the US dollar.
Mr Khoon Goh, head of Asia research at ANZ Banking Group in Singapore, said the combination of strong United States data and the Fed chairman’s comments bolstered the greenback and US bond yields, putting downward pressure on Asian currencies.
Meanwhile, the Indian rupee shed as much as 0.64 per cent against the dollar, while the South Korean won fell by around 1 per cent. The Indonesian rupiah continued its decline, by as much as 0.7 per cent – its weakest in more than 20 years.