The foreign exchange market Singapore is a growing market. The Singapore foreign exchange market bears a significant amount of importance with regards to the national economy of Singapore.
Singapore has a free market economy and foreign exchange trading contributes to a significant extent towards maintaining the market equilibrium. It follows a floating foreign exchange system.
The official currency of Singapore is the Singapore dollar (S$). According to the ISO 4217 Code, the Singapore dollar is symbolized as SGD.
The Singapore foreign exchange market is growing simply due the reason that the Singapore dollar is gaining more and more recognition in the global forex market due to its increased level of liquidity.
The Monetary Authority of Singapore (MAS) is the principal financial institution of Singapore. It has the sole authority of issuing the Singapore dollar banknotes and coins in Singapore. It is also responsible for regulating the exchange rates of Singapore dollar.
The foreign exchange rates in Singapore vary according to the exchange rates of Singapore dollar with the other foreign exchanges of the world.
The Monetary Authority of Singapore supervises the activities of the foreign exchange trading agencies and commercial banks carrying out the forex trading services in Singapore. The principal objective of the authority is to stabilize the financial infrastructure of Singapore with the help of foreign exchange devices so that it brings growth in the economy of Singapore.
Following are the exchange rates of a number of currencies in terms of the Singapore dollar:
|1 SGD||in SGD|
|Hong Kong Dollar||5.13604||0.194703|
|New Zealand Dollar||0.928882||1.07656|
|South African Rand||4.73623||0.211138|
|South Korean Won||613.122||0.001631|
|Sri Lanka Rupee||74.8302||0.0133636|