The Singapore dollar reached a record high of RM3.1964 on Monday, largely due to strength in the Singdollar, before easing to RM3.1950 later in the day.
"With the yuan holding the largest share in Singapore’s S$NEER basket, the rally in CNY dragged SGD higher too as currency traders looked to offset the depreciation in the Sing dollar relative to CNY with other currencies," Mr Harvey said. Singapore has pursued a more aggressive monetary policy by appreciating the Singdollar at a faster pace and at a higher level.
"The Singapore dollar has been stronger on the appreciation front because of the policy moves," said Mr Saktiandi Supaat, head of FX Research at Maybank in Singapore.
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