Singapore dollar hits 3-year high against US dollar, as ringgit continues rise

The Straits Times

The greenback struggled on Thursday, after US Treasury Secretary Steven Mnuchin openly said that a weaker US dollar would be positive for the economy.

As a result, Malaysia’s rinngit continued its rise against the US dollar at opening, and the Singapore dollar was at a three-year high by 1.01pm.

The ringgit was at 3.9010 against the US dollar at 9am, while the Singapore dollar was at 1.305 to the US dollar.

Mnuchin reportedly told the press at the World Economic Forum in Davos: “Obviously a weaker dollar is good for us as it relates to trade and opportunities.”

Following the comment, the dollar index against a basket of six major currencies tumbled to a three-year low of 88.816.