Singapore Currency Slumps To New Multi-month Low Against US Dollar

26 August 2008 

During early deals on Monday, the Singapore currency weakened further against the US dollar. The pair that closed Friday's trading at 1.4124 reached 1.4214. This set a new multi-month low for the Singapore currency. The next downside target level for the Singapore currency is seen around 1.4300 against the greenback.

In economic news, the Statistics Singapore announced today that the country's consumer price index, or CPI increased 6.5% year-over-year in July, slower than the 7.5% rise recorded in June. On a monthly basis, the CPI moved up 1.2% in July, and it grew 0.4% on seasonally adjusted basis. For January to July period, consumer prices increased 7% on an annual basis.