The Singapore dollar with a sign of $ and code of SGD is the offical currency of Singapore. Traders normally abbreviate it with S$ to differentiate it from other dollar currencies. The Monetary Authority of Brunei Darussalam and the Monetary Authority of Singapore still keep up the memorable exchangeability of their both currencies, the Brunei dollar and the Singaporean dollar, separately.
The Singapore dollar is acknowledged as “customary tender” in Brunei, while the Brunei dollar is usually acknowledged in Singapore.
Somewhere around 1845 and 1939, Singapore was using the Straits dollar, which was then supplanted by the Malayan dollar. From 1953, Singapore started to use the Malaya and British Borneo dollar until 1965.
Following its independence in 1965, the government issued its own coin after the establishment of the Board of Commissioners of Currency, Singapore.
The Singapore dollar exchange rate against the US dollar touched the highest level of 0.82 in the mid of 2011, while the Singapore’s currency declined to the lowest level of 0.69 in late 2008. Today’s, SGD/USD exchange rate is standing around 0.71.
SGD exchange rate against the US dollar continues to face pressure since the start of 2014 amid slow economic growth and low inflation rate. On the other hand, the US dollar looks strong as the North American economy seems to be improving faster than other currencies.
With Singapore’s blue-chips profit season over bar the yelling, the business sector’s consideration one week from now will swing to monetary matters. Overall, the Singapore’s exchange rate has strong strength due to a large inflow of investments in the country and stable political environment.