asian currencies rise
Singapore currency notes are seen through a magnifying glass among other currencies in this photo illustration taken in Singapore April 12, 2013 Reuters

The Singapore dollar sank to near seven-month lows following the release of disappointing quarterly GDP growth data on Friday.

The dollar eased as much as 0.4 percent to 1.3865 against the US dollar, its weakest level since March 10. Traders said the disappointing GDP reading and the guarded outlook given by the central banks could make it challenging for the Singapore dollar in months to come.

"If global macro and price pressures deteriorate precipitously in the intervening months to April 2017, we would lean towards a re-centring lower," said Emmanuel Ng, foreign exchange strategist at OCBC Bank in Singapore, according to Reuters.

On Friday, data from the Ministry of Trade and Industry showed Singapore's gross domestic product contracted an annualised 4.1 percent on a quarter-on-quarter basis, compared with 0.2 percent growth in the previous quarter.

The Monetary Authority of Singapore (MAS) said economic growth was not expected to pick up significantly next year, confirming fears that the Southeast Asian financial hub has been hit hard by the global slowdown and a China slump.

According to the Monetary Authority, 2016 economic growth would come in at the lower end of the 1-2 percent forecast.