The Singapore dollar strengthened against the U.S. dollar in the late Asian session on Thursday.
In economic news, data from the Department of Statistics showed that consumer prices moved up on a monthly basis, coming in at 0.2 percent in March, slightly faster than December 0.1 percent rise.
The consumer price index fell 0.3 percent year-over-year in March, the same rate of decrease as in the previous month. Economists had expected a 0.5 percent decline for the month. Consumer prices have been falling since November last year.
Against the greenback, the Singapore dollar rose to 1.3445 from an early low of 1.3496. At yesterday’s close, the Singapore dollar was trading at 1.3479 against the greenback.
If the Singapore dollar extends its uptrend, it is likely to find resistance around the 1.33 area.
The material has been provided by InstaForex Company – www.instaforex.com