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Singapore dollar hits 7-month low after Q3 GDP contracts

Friday, October 14, 2016 - 11:55
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Singapore's dollar extended its losses and hit a seven-month low on Friday after the trade-reliant economy unexpectedly contracted in the third quarter.

[SINGAPORE] Singapore's dollar extended its losses and hit a seven-month low on Friday after the trade-reliant economy unexpectedly contracted in the third quarter.

The Singapore dollar fell about 0.5 per cent to 1.3888 versus the US dollar, its lowest levels since early March.

Singapore's central bank kept its exchange-rate based monetary policy steady on Friday despite the surprise contraction in third-quarter gross domestic product, but analysts say the weak inflation and growth outlook will likely force policymakers to ease further.

REUTERS

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