The Singapore dollar has remained relatively resilient against the buoyant U.S. dollar, compared to its regional peers in Southeast Asia.
Bank analysts say they are bullish on the Singapore currency even though it fell to 29-month lows on Thursday, after the Fed's hawkish policy outlook.
Singapore is one of a few countries in the world with a triple-A sovereign credit rating, strong current account surplus, and positive foreign currency reserves — factors that contribute to its position as a safe harbor for investors, Supaat pointed out. "In times of exceptional dollar strength, [the Singapore dollar] is the one that preserves its value best ... it doesn't depreciate as much as the others and it's backed by its [exchange rate] policy and framework," he said.2. Central bank policy
"Therefore, the MAS reacts to high inflation by allowing the Singapore dollar to appreciate against peer currencies, thereby driving down the cost of imported goods in local currency terms."
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