The Singapore Forex Market has been performing consistently throughout 2006, and has scaled new heights moderating inflation in the city country, as the value of the Singapore Dollar has appreciated considerably against the major currencies and this has resulted in the costs of imports keeping low.
The Singapore Forex Market is managed by the SFEMC (or the Singapore Foreign Exchange Market Committee) which had conducted the first semi-annual survey aimed at keeping the Singapore Forex Market transparent besides providing ways to observe the recent developments of different currencies in addition to the base currency, that is, the Singapore Dollar in the Singapore Forex Market, by the end of July, 2007.
The results drawn from the survey revealed that within a span of six months, the daily average “traditional” turnover of the Singapore Forex Market, had recorded a phenomenal 40 percent increase and was reported to be well over the USD220 Billion mark. The daily average turnover in the Over-the-Counter trading of foreign exchange derivatives in the Singapore Forex Market had attained an even higher raise of nearly 70 percent over the last half year and was worth much more than USD 60 Billions.
The SGD/USD is presently evaluated at 0.66, which implies that in order to buy an unit of the Singapore Dollar one is required to spend 66 US Cents. Whereas, the USD/SGD is currently equated at 1.52 implying that in exchange of an unit of the US Dollar, a seller would receive a little over One and a half Singapore Dollars.
The SGD/EUR being presently just below the 0.50 mark, conveys that the sale of an unit of the Singapore Dollar in the Singapore Forex Market would fetch the seller a little less than 50 Eurocents (or cents).
It is clear from the appreciation attained by the Singapore Dollar in the Singapore Forex Market that the national currency of Singapore has been one of the outstanding performers amongst the Qasian Currencies.