Singapore dollar in knee-jerk rally over Fed 'relief'

Singapore

LIKE many Asian currencies, the Singdollar had a relief rally on Thursday in a knee-jerk reaction to what was regarded as a dovish statement on interest rate hikes by the US Federal Reserve.

The SGD opened at a high of S$1.37, up 1.4 per cent against the the greenback from the S$1.39 close on Wednesday, following the Fed statement - released overnight - which downgraded the US outlook for growth and inflation.