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Singapore $ hits record peak; won at 1-mth high
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Asian currencies
SINGAPORE: Increased fund inflows propelled the Singapore dollar to a record high on Thursday, while the South Korean won hit a one-month high despite the central bank's surprise decision to keep interest rates steady. The Singapore dollar hits record high of 1.3411 per US dollar, buoyed by fund inflows and a broadly weaker US dollar.
Traders suspected the Monetary Authority of Singapore (MAS), the central bank, intervened to buy US dollars to contain the local unit's strength.
The Singapore dollar, which is up 4.7 per cent against the US dollar this year, has been boosted by the country's solid economic growth. Foreigners have been buying bonds and stocks, but the inflows are not as strong as elsewhere in the region, analysts say.
The Thai baht jumped 0.6 per cent to a new 13-year high of around 30.83 per dollar, sparking fresh dollar-buying intervention by the Bank of Thailand, traders said.
The baht has appreciated 8.0 per cent this year, the third-best Asian performer after yen and ringgit. The won hit a fresh one-month high despite the central bank's surprise decision to leave interest rates on hold.
Investors reduced dollar-long positions, helping the won strengthen to as firm as 1,166.0, the strongest since Aug 10. The won found support from exporters' demand for settlements and ended domestic trade at 1,167.4 per dollar compared to its previous close of 1,172.8. -Reuters
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