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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


SGD and NZD Weaken After Economic Data

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

The Week Ahead for Asia FX

By Joel Wright
15 October 2017 | 6:43 am GMT

Singapore Dollar Weakens Despite Impressive GDP Growth

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

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