The Singdollar has found itself somewhat at the mercy of gobal events as investors around the world pile into safe assets like the greenback and yen and force up their value. -- PHOTO: NP
THE Singapore dollar has fallen sharply against the US dollar in recent weeks, creating headaches for local imports but opportunities for others.
The currency has nosedived by almost 6 per cent since August and was at $1.478 against the greenback on Monday night, and is expected by some to slide further to $1.52 by April.
It was only back in July that the greenback - still the world's de facto reserve currency - was at a record low against the Singdollar - $1.3468 to the US dollar.
The Singdollar has found itself somewhat at the mercy of gobal events as investors around the world pile into safe assets like the greenback and yen and force up their value.
There are some local winners and losers in this.
Pain is striking importers who have to pay for imported goods in the greenback but sell them here in the local currency.
And Singaporeans going on American holidays will also suffer but local exporters will find that their products are cheaper in the US and some other markets.
Some importers, from foodsellers and apparel owners to semiconductor chipmakers, are having to deal with the rising greenback at the same time as consumer spending is tipped to drop.
Read the full story in Tuesday's edition of The Straits Times.
