BER Currency News

BER Home/s

  1. Home
  2. Guides
  3. Currency
  4. Singapore Dollar (SGD)

Singapore Dollar (SGD) - BER Currency Guide

In this currency guide we look at :


  1. SGD General Info
  2. SGD Market View
  3. SGD News & Updates
  4. SGD Cross Rates

Singapore Dollar General Info

The three letter currency code for the Singapore Dollar is SGD and the symbol is $. It is the domestic currency in Singapore.

According to the Bank for International Settlements, trading in the Singapore dollar contributes to 1.8% of the foreign exchange market’s daily turnover, and as such the currency is Asia’s third most traded (behind the Japanese yen and China’s yuan) and the twelfth most traded in the world.

Singapore’s currency is of special importance to the country’s central bank, the Monetary Authority of Singapore (MAS). Unlike other central banks which tighten or ease monetary policy by adjusting a national interest rate, the MAS achieve the same end via management of Singapore dollar exchange rates – an unconventional method which has served the country well since its introduction in 1981.

Because of its importance to monetary policy, the value of the Singapore dollar is managed carefully under a ‘managed float’ regime and is not truly freely floating. Its value is managed against a basket of currencies from the country’s major trading partners and the trade-weighted Singapore dollar exchange rate is restricted by the central bank to moves within a specified range, the boundaries of which are announced every six months.

The currency’s all-time valuation low against the US dollar occurred in September 1985 when USD/SGD reached 2.31. Its all-time high came in August 2011 when USD/SGD fell to just 1.2.

Read our Travel Guide to Singapore


SGD - Currency Market News

The Singapore dollar traded cautiously in the first half of September.

In mid-September, against a crumbling US dollar, SGD reached a one-year high of 0.7493, just shy of major technical resistance at 0.75. SGD’s 2017 gain against the dollar of 7.5% made it Asia’s second-best performing currency, behind only the Thai baht.

Analysts at Singapore’s largest bank, DBS, said in August that SGD was “too strong” against USD and suggested that further SGD appreciation would be hard to come by. The currency’s rise this year was “inconsistent with Singapore's lackluster economic and inflation data,” said the bank.

Against the Japanese yen, the Singapore dollar rose in mid-September to a six-week high of 81.88, and was up marginally on the year.

Against the euro, the Singapore dollar was unwavering throughout the first half of September, holding steady while other Asian currencies lost ground. Volatility in SGD/EUR dried up however, with the rate drifting sideways along the 0.62 handle. Unlike its performances against the dollar and yen, against the euro, SGD remained comfortably down on the year, by 5.5%, and was down 8.2% since April – the month in which the euro revival really began.


Singapore Dollar - News & Market Updates

singapore-dollars

SGD and NZD Weaken After Economic Data

By Joel Wright
17 October 2017 | 3:38 am GMT
cny-hero

The Week Ahead for Asia FX

By Joel Wright
15 October 2017 | 6:43 am GMT
sgd-chart-blue

Singapore Dollar Weakens Despite Impressive GDP Growth

By Joel Wright
13 October 2017 | 7:22 am GMT

Popular SGD Cross Rates
View Full List (A-Z)
1SGD=

Singapore Dollar - Best Rate Calculators

Compare SGD Foreign Transfers Compare SGD Travel Money

Popular Currency Guides

Euro (EUR)

British Pound Sterling (GBP)

US Dollar (USD)

Australian Dollar (AUD)

Full List (A-Z)

BER logo BestExchangeRates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, 50 Bridge St, Sydney NSW 2000.

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

BestExchangeRates.com is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking BestExchangeRates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with BestExchangeRates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

BestExchangeRates may receive fees or other benefits in relation to activity on the BestExchangeRates website. BestExchangeRates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of BestExchangeRates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.