Singapore has allowed its currency to rise against the dollar in an effort to tackle worsening inflation and control economic growth. The Singapore dollar immediately jumped 1.25% to 1.347 to the US dollar. The central bank raised its inflation forecast to 2.5%-3.5%, and said first quarter annualised growth jumped to 32.1% from -2.8% the previous quarter. The decision comes amid speculation that China will revalue its currency, the yuan, this year. Other currencies across the region also jumped on the news, as markets speculated that Singapore's decision could pave the way for higher interest rates in the other big exporting nations. The Malaysian ringgit appreciated 1.05%, while the Korean won was up 0.85%.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment