Singapore Dollar Weakest In Six Weeks

The Singapore dollar came under some pressure in the overnight as regional currencies like the Taiwan dollar and South Korean won declined throughout the session. The pressure helped to push the underlying currency to the weakest it has been in six weeks, alleviating some speculation of further advances on the record high hit weeks ago. However, the regional stock market remained resilient in the wake of the depreciation, rising the most in a week. Leading shares higher was stock in the banking sector, notably DBS Group Holdings Ltd. Real estate shares were also bid higher as investors saw opportunity in the recent pullback, picking up shares of Keppel Land Ltd. Shares of the nation’s largest bank, DBS, rose 40 cents to close at S$21.70 as Keppel stock closed higher by 70 cents at S$9.55. As a result, the Straits Times Index was able to surge ahead by 56.52 points or 1.7 percent to 3,417.81.