When deciding to make a foreign exchange transaction in Singapore, you should know that the official currency is the Singapore Dollar (SGD). The SGD is especially attractive for investors because it has maintained its stability and value since its introduction in 1967.
If converting from USD to SGD, it is important to consider currency exchange rates as they may be different from the rates in the past. The exchange rate between USD and SGD is determined by several factors including economic conditions, financial policies, and political influences around the world.
The Singapore dollar has seen a lot of volatility against the US dollar in recent years. On 21st May 2004, the highest rate was 1.71 SGD to 1 USD. This rate was not seen until 8 years later, on 2nd September 2011, when it dropped to its lowest at 1.19 SGD to 1 USD. The exchange rate has since been fluctuating around this area. Thus, it is important to take into account the USD/SGD price history when making decisions related to foreign currency exchanges.
Trading USD to SGD is an attractive option for traders due to Singapore’s strong economy and the fact that the Singapore dollar has been steadily appreciating against other major currencies. In addition, trading with international currencies allows traders to diversify their portfolio and gain access to foreign markets.
Besides trading between USD and SGD, traders should also consider trading other major currencies such as the Euro (EUR), Japanese Yen (JPY) and British Pound (GBP). Each of these currencies offers unique opportunities for profit-making due to their volatility and liquidity.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and with low capital investment.