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Singapore dollar strengthens against ringgit; OCBC, Yangzijiang up; Alphabet down

Jeffrey Tan
Jeffrey Tan7/31/2017 08:00 AM GMT+08  • 7 min read
Singapore dollar strengthens against ringgit; OCBC, Yangzijiang up; Alphabet down
(July 31): Singaporeans could begin making more excursions into Malaysia, as the Singapore dollar strengthens against the ringgit. On July 27, the Singapore dollar traded at 3.1513, closing in on its all-time high of 3.1681 on March 29. The currency pair
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(July 31): Singaporeans could begin making more excursions into Malaysia, as the Singapore dollar strengthens against the ringgit. On July 27, the Singapore dollar traded at 3.1513, closing in on its all-time high of 3.1681 on March 29. The currency pair had reached a year-to-date low of 3.0812 on June 9.

The recent strength in the Singapore dollar is partly attributed to the weakness in the ringgit, according to OANDA Asia Pacific head of trading Stephen Innes. While low crude oil prices have weighed on both currencies, Innes says the ringgit has a stronger correlation to oil. “The Singapore dollar is in a higher position versus the regional basket as inflows into the ringgit dry up,” Innes tells The Edge Singapore via email.

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