SINGAPORE (Mar 31): The benchmark Straits Times Index (STI) climbed 2.02% on Tuesday morning, as a volatile quarter for global financial markets came to an end.

The recovery comes after a rocky Monday, when Singapore’s central bank took unprecedented easing steps to support a trade-reliant economy being slammed by the coronavirus outbreak.

The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than a benchmark interest rate, lowered the midpoint of the currency band and reduced the slope to zero. That implies the central bank will allow for a weaker exchange rate to help support export-driven growth and to ward off deflationary threats.

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