Singapore’s currency scales new heights as traders bet on diverging policy paths
The Monetary Authority of Singapore, which uses the exchange rate as its main monetary policy tool, maintained an appreciating bias for the currency at its July meeting to rein in inflation. Singapore upgraded this year’s growth forecast last month to a range of between 2 per cent and 3 per cent, from an earlier band of 1 per cent to 3 per cent, citing a resilient external demand outlook, further underpinning the local dollar.