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THE Singapore dollar (SGD) has stabilised somewhat, recovering from the year's low reached on Tuesday, and with that short-term interest rates have also eased.
On Thursday, the SGD rallied to S$1.4155 against the US dollar (USD), off the Tuesday low of S$1.4297 in highly volatile trade along with other Asian currencies, as China worries continue to give markets the willies.
Chinese's surprise move to devalue the yuan, a looming Federal Reserve interest rate hike and weakening economic momentum in the region have created a perfect storm for Asian currencies, say analysts, who warn investors to brace for an extended period of volatility ahead.
Regional currencies suffered a second day of heavy losses on Wednesday as the People's Bank of China (PBoC) set its daily midpoint reference rate even weaker than Tuesday's devaluation, rekindling concerns around the health of the world's second largest economy.
