Singapore dollar at 3-week high on safe-haven plays
Published on Feb 4, 2014 2:23 PM
SINGAPORE (Reuters) - The Singapore dollar hit a near three-week high on Tuesday as global risk aversion fuelled safe-haven demand, leading gains among emerging Asian currencies as the region is seen better positioned than other emerging markets.
The Malaysian ringgit advanced on bids linked to daily fixing and with the central bank spotted intervening to support the currency, traders said.
Indonesia's rupiah gained as foreign banks and state-run lenders bought it ahead of a bond auction on Wednesday. The Thai baht rose as investors continued to cover short positions.
That compared to losses in other emerging market currencies such as the Brazilian real and the Turkish lira.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!