3-month SOR tumbles back to November levels
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Singapore
THE three-month swap offer rate (SOR) has tumbled further amid a rally in the US dollar (US$), as the market grapples with what some see as possibly aggressive moves by the US central bank to shrink its balance sheet as part of its normalising monetary policy.
The key three-month SOR fell below 0.70 per cent, to 0.68419 per cent on Tuesday, back to last November levels. The more volatile SOR is used to price commercial loans. The three-month Sibor or Singapore interbank offered rate - a benchmark for home loans - was stable at 0.99308 per cent. Meanwhile the US$ has rallied to S$1.39 against the Singapore dollar (S$), from S$1.38 a week ago.
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