Singdollar weakens against greenback after Trump victory

The Singdollar was trading at around S$1.3946 to the United States dollar on Wednesday (Nov 9) night, after strengthening to S$1.387 in the morning.
The Singdollar was trading at around S$1.3946 to the United States dollar on Wednesday (Nov 9) night, after strengthening to S$1.387 in the morning. PHOTO: REUTERS

SINGAPORE - The Singdollar has weakened against the United States dollar on concerns that growth may slow if President-elect Donald Trump embraces anti-trade policies.

The Singdollar was trading at around S$1.3946 to the greenback Wednesday night after earlier strengthening to S$1.387 in the morning.

Then the US currency was weakening as the results started to pour in from the US states and Mr Trump was looking as if he might win.

The US currency was see-sawing against the Singdollar the entire day. One US dollar could buy about S$1.387, down 0.3 per cent from a high of S$1.391 earlier this morning.

However, the greenback may strengthen further

Mr Vasu Menon, senior investment strategist, OCBC Bank wrote in a note: "In view of Trump's opposition to Nafta ( North American Free Trade Agreement), WTO (World Trade Organisation) and China, we could see the US Dollar strengthen against Asian currencies."