The Singapore dollar touched a 10-year high on speculation inflation will accelerate, giving further cause for the central bank to allow faster currency gains.
The currency climbed for a fifth week, the longest winning run since July 20, after a government report showed the economy grew more than expected in the third quarter. The Monetary Authority of Singapore said in a semi-annual report this week that it would "increase slightly the slope of the policy band" in which the currency is allowed to trade.
"Inflation is an issue in Singapore and they recently changed policy there," said Greg Gibbs, a currency strategist at ABN Amro Holding NV in Sydney. "Broad-based strength in Asian currencies is probably the way to go."
The Singapore dollar advanced to S$1.4610, the strongest since August 1997, before trading at S$1.4657 as of 4:55pm local time, according to data compiled by Bloomberg. It was at S$1.4744 on Oct. 5.
The Monetary Authority of Singapore, which manages the exchange rate within a trading range against a basket of currencies, "will continue with the policy of a modest and gradual appreciation," it said in a statement on Tuesday.
The Vietnamese dong was little changed this week.
Vietnam halved its target for this year for devaluing the dong to 0.5 percent in an attempt to stop inflation from surging, said Le Xuan Nghia, a director general at the central bank.
"We have wanted to curb inflation and support exports at the same time," Nghia, director general of the banking department, said in a telephone interview on Friday from Hanoi. "Some people may say it's too ambitious, but that is what we have pursued in monetary policy making so far."
The dong, which last traded at 16,084 against the US dollar, has weakened 0.3 percent since the start of the year.
The central bank has devalued the currency every year since 1995.
Malaysia's ringgit logged a fifth weekly advance, tracking regional currencies, on speculation overseas investors were buying local assets as risk appetite increased.
Morgan Stanley & Co on Thursday raised its forecasts for the New Taiwan dollar, the ringgit, China's yuan, the Korean won, the Thai baht and the Singapore dollar, on expectations inflation will prompt central banks to tolerate further appreciation. The Taiwanese currency gained 0.1 percent for the week to NT$32.581.
The ringgit traded at 3.3710 against the US dollar in Kuala Lumpur, compared with 3.4005 a week ago, according to data compiled by Bloomberg. It rose 0.8 percent this week.
The South Korean won dropped 0.2 percent this.
Markets in Indonesia and the Philippines were closed for holidays on Friday.
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