Recent alarmist commentary may have stirred up concerns about Singapore's economy, but in the midst of the emerging market rout, safe-haven seekers' faith appeared unshaken as they scooped up its currency.
"We have noted its safe-haven status within the Asian region is getting stronger in past years. So when you have a broad risk off, in general the Singapore dollar will outperform," said Ju Wang, senior foreign-exchange strategist at HSBC.