SingTel (Z74.SG) off 1.3% at S$3.05, bucking gains by most other Singapore blue chips, with stronger SGD/USD potentially weighing, according to Dow Jones.

FX volatility flagged by telco in its June-quarter results announcement last month as one of its key earnings risks in coming quarters.

SGD briefly reached all-time high of $1.3407 earlier today; last at $1.3425.

“Recent (FX) trends do not raise significant concerns in terms of downside risks,” says Deutsche Bank, which has Sell call with $3.26 target, but adds will “get really worried about SingTel's FX exposure when the Singapore dollar is strengthening simultaneously against all of SingTel's key component currencies.”

Shares expected to hold above $3.00.