Excessive volatility in the Singapore dollar owing to external developments will be addressed, Singapore's central bank has said.
The Monetary Authority of Singapore (MAS) said it is monitoring the financial markets after the Singapore dollar hit 1.4158 against US dollar, a near 9-month low.
"MAS stands ready to curb excessive volatility in the trade- weighted Singapore dollar if needed," central bank said in a statement.
Asian financial markets were in turmoil as the US election cycle came to a close this week with Republican Donald Trump recording a shocking victory over Democrat Hillary Clinton. Trade-weighted Singapore dollar came under pressure in a market in flux.
The bank however it doesn't have any specific any exchange rate target and that there were no money market disruptions in the country. "Domestic money markets continue to function normally and there is ample liquidity in the system," the central bank said on Friday.