Singapore’s Forex reserves at fresh over two-year high

Foreign exchange reserves in Singapore have risen to a new more than two-year high in June, the latest data by the Monetary Authority of Singapore showed.

Foreign exchange reserves grew to SGD 503.71 billion in June from SGD 500.86 billion in May.

It has been the highest level of Forex reserves since April 2022.

The latest figure was mostly driven by an increase in gold & foreign exchange to SGD 493.35 billion from SGD 490.59 billion in May.

In the meantime, Singapore’s IMF reserve position expanded to SGD 1.94 billion in June from SGD 1.84 billion in May.

And, Singapore’s Special Drawing Rights decreased to SGD 8.42 billion in June from SGD 8.43 billion in May.

In June last year, the nation’s Forex reserves were reported at SGD 448.25 billion.

The Singaporean Dollar was little changed on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3495.

Market focus now sets on Federal Reserve Chair Jerome Powell’s semi-annual Congressional testimony along with speeches by a host of Fed officials.