S$1 = 1000 KRW: Singapore dollar hits 13-year high against the Korean won


Asian currencies have broadly declined against the buoyant US dollar, sliding to levels not seen since the Asian financial crisis.

Among the worst-hit currencies is the Korean won which extended losses this month, dragged down by the U.S. Federal Reserve’s aggressive monetary tightening. South Korea which is export-dependant also comes under increasing pressure with higher oil prices and a deteriorating trade balance.

On the flip side, the Singapore’s dollar has been resilient against the US dollar. To fight inflation – which is expected to keep rising – the Monetary Authority of Singapore (MAS) allows the Singapore dollar to appreciate against peer currencies. This helps to slow the inflation momentum and ensure price stability thereby driving down the cost of imported good in local currency terms.

The SGD/KRW crossed the 1000 mark on Sep 30, 2022

On Friday, the SGD/KRW went above the 1000 support, a level not seen since March 2009.

According to the CashChanger’s site, one can get a rate of approximately S$1 = 975 KRW at local money changers in Singapore on Friday, Sep, 30, 2022. That’s a good rate if you are planning a travel to South Korea any time soon.







Singapore dollar rises to new record high against ringgit

A new high against the Malaysian ringgit

The Singapore dollar reached a new record high against the ringgit this afternoon (Feb 24). According to Bloomberg data, the Singapore dollar reached as high as S$1 to RM3.1687.

The current exchange rate is now at RM3.1630 according to Bloomberg.

Analysts has said that the hike is more of the outperformance of the Sing dollar rather than the weakening in the ringgit.

Source: Bloomberg

Source: Bloomberg

There’s no better time to change your hands on some Malaysian ringgit, and head to Johor Bahru for a good meal and do some shopping!

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