The Singapore dollar extended its gains against the U.S. dollar, hitting a 2024 high, as expectations that the Monetary Authority of Singapore will maintain tight monetary policy relative to the Federal Reserve this year favor the currency.
The Singapore dollar rose 0.1% to 1.3163 per U.S. dollar on Wednesday, its highest level since Dec. 28.
In July, the Singapore dollar recorded its biggest monthly gain since November 2023 and is the third-best performer among Asian currencies so far this year, behind only the Malaysian ringgit and the Hong Kong dollar.