Singapore’s Holidaymakers Toast Strongest Dollar in a Decade
- Exports get crimped by exchange rate, outbound travelers cheer
- Local retail, food establishments coming under pressure
By
Catherine Bosley
September 5, 2024 at 8:40 AM GMT+8
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It’s been more than a decade since Singapore’s
dollar was last this strong against its US counterpart, and the effects are being felt by everyone from importers and exporters to shoppers and tourists.
The exchange rate touched the highest level since 2014 on Aug. 26, not long after Prime Minister Lawrence Wong highlighted the importance of a strong currency as
a shield to help the city-state combat inflation.
The Singapore dollar is close to a record against the Indonesian rupiah as well, and not far off highs against the yen.