Australian dollar falls below S$1

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The Australian dollar weakened to under the S$1.00 level on Monday (27 July), falling below parity against the Singapore dollar for the first time since 2009.

According to Bloomberg data, the Australian dollar was trading at 99 Singapore cents at around noon yesterday, not far from just above S$1.00 across Asia last week.

The decline was attributed to slowing global demand for the country’s commodities exports in recent months.

The Australian dollar has weakened against its Singapore counterpart by about 8 percent since the start of the year falling below parity for the first time in six years.

Industry experts, as cited by the media, said the Australian dollar could further weaken against the local currency over the next few months.

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