Singapore Dollar (SGD) Exchange Rates & Drivers (Feb 2023 Snapshot)

Reference rates (February 2023):

• 1 USD = 1.33 SGD
• 1 EUR = 1.41 SGD
• 1 GBP = 1.62 SGD
• 100 JPY = 0.90 SGD (1 JPY = 0.009 SGD)
• 1 CNY = 0.19 SGD

Rates fluctuate constantly. Check MAS, Bloomberg, XE, or your bank for live quotes.

What Moves the SGD?

The Monetary Authority of Singapore (MAS) manages the SGD via a trade-weighted exchange rate band (not interest rates). Key drivers:

1. Global trade & growth: Singapore is a trade hub (exports ~170% GDP). External demand shifts directly affect SGD.
2. MAS policy band: MAS sets slope, width, center of NEER (Nominal Effective Exchange Rate) band. Tightening = appreciation bias.
3. Inflation differentials: Imported inflation (oil, food) vs. domestic cost pressures.
4. Capital flows: FDI, portfolio flows, banking center status. Safe-haven demand in stress.
5. Geopolitics: US-China tensions, regional stability, supply chain shifts.
6. Commodity cycles: Oil (import), electronics cycle (export).

SGD Profile

• Fully convertible, deep FX market.
• AAA sovereign ratings (S&P, Moody's, Fitch).
• Managed float — MAS intervenes to prevent excessive volatility.
• Correlates with Chinese yuan, USD, and regional currencies.

For travelers/business: use no-fee cards (Wise, Revolut, multi-currency accounts) for near-interbank rates. Airport/hotel bureaus have wide spreads.