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SINGAPORE: The Singapore dollar has hit another new high against the US dollar.
At one point during Thursday's intra-trade, the Singapore dollar hit a record high of 1.3407 against the greenback.
Analysts say the appreciation is due to widespread weakness of the US dollar against Asian currencies.
They add that the Singapore dollar has also been bolstered by strong economic fundamentals and fund inflow.
Currency economist at OCBC, Emmanuel Ng says "The one dynamic has been that markets and investors continue to favour Asian assets and based on that kind of premise, you would expect Asian currencies, including the Singapore dollar, to continue to have that edge over the US dollar in the near term."
A source also says that Singapore's central bank, the Monetary Authority of Singapore, is poised to intervene in the currency market.
The source adds that the MAS is watching the Singapore dollar's rise closely and may move in if the currency keeps falling below the 1.341 level.
Last Friday, the Singapore dollar reached a high against the greenback when it traded at 1.3425. - CNA/fa
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