Singapore dollar slumps to 7-year low

It fell to as low as $1.4442 against US$.

According to CNBC, the Singapore dollar tumbled to its weakest since 2009, during the global financial crisis, and it may have further to go. The U.S. dollar was fetching as much as 1.4506 Singapore dollars on Tuesday afternoon local time, according to Reuters data, climbing from as low as S$1.4428 earlier in the session. That's the weakest for the city-state's currency, also known as the Sing, since August of 2009.

But the Sing snapped back later in Tuesday's session to around 1.4450 against the dollar, with Reuters reporting that the central bank was suspected of intervening to support the currency. The Monetary Authority of Singapore (MAS) didn't immediately return an emailed request for comment sent on Tuesday. On Wednesday, at 7:48 a.m. HK/SIN, the greenback was fetching 1.4442 Singapore dollars.

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