SINGAPORE: The Singapore dollar crossed the RM3.16 mark today (Friday, Feb 24), reaching another new all-time high, according to Bloomberg data.
The Singdollar’s peak against the ringgit was at around 12.45pm, when S$1 was trading at RM3.1687. As of 5pm, the exchange rate had eased back to RM3.1630.
Asian currencies edged higher on Friday, as uncertainty over details of the Trump administration’s tax reform plan weighed on the US dollar. The Singapore dollar set a high of 1.4041 per US dollar at one point, its highest level since Nov 10.
The US dollar faltered after US Treasury Secretary Steven Mnuchin, in his first televised interview since taking office, offered few fresh details on the administration’s tax reform plans.
“Expectation is that Trump will at least provide some more details on the tax cuts and that’s supposed to strengthen the dollar and make yields rise,” said Sean Yokota, head of Asia strategy for Scandinavian bank SEB in Singapore.
