Aussie-Sing exchange rate hits 11-year low on fears of central bank rate cut

Singapore

INCREASED market expectations that the Australian central bank will cut rates in the face of fallout from Australia's raging bush fires have pushed the Aussie unit down against its Singapore counterpart, with the cross-rate on Wednesday hitting its lowest since 2008.

Pundits also noted that the potential spread of the Wuhan virus outbreak and its impact on Asian economic activity has further undermined the very trade-sensitive Australian dollar.