The Singapore Dollar is now at its weakest since 2009, during the global financial crisis, with little indication that it will stop falling.
1 US dollar could fetch as much as 1.4506 Singapore dollars yesterday afternoon Singapore time, but the value later climbed back to $1.4428 in the same session. This is the weakest that the Singapore Dollar has fallen to since August 2009, the year of the financial crisis.
Foreign currency experts believe that the last minute snap back for the Singapore Dollar to 1.4450 might have been due to intervention by the Monetary Authority of Singapore. The MAS has not replied to an email from Reuters asking for comments on its suspected intervention.
As of this morning, the US Dollar is fetching 1.4442 Singapore dollars.