Singapore’s Forex reserves at six-month low

Foreign exchange reserves in Singapore have dropped to their lowest level since March in September, the latest data by the Monetary Authority of Singapore showed.

Foreign exchange reserves decreased to SGD 499.7 billion in September from SGD 501.3 billion in August.

The latest figure was mostly driven by a drop in:

– Special Drawing Rights (SGD 8.27 billion from SGD 8.35 billion in August);
– Gold & Foreign Exchange (SGD 489.7 billion from SGD 491.2 billion in August);
– IMF reserve position (SGD 1.71 billion from SGD 1.73 billion in August).

In September last year, the nation’s Forex reserves were reported at SGD 460.5 billion.

The Singaporean Dollar was little changed on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3037.