People in Singapore are jumping on the opportunity, according to luxury travel agent Lauren Raps. The co-founder of Alchemist Travel says her clients are getting out of town more frequently — and are quick to make deposits on bookings.
It’s been more than a decade since Singapore’s dollar was last this strong against its US counterpart, and the effects are being felt by everyone from importers and exporters to shoppers and tourists.
The exchange rate touched the highest level since 2014 on Aug 26, not long after Prime Minister Lawrence Wong highlighted the importance of a strong currency as a shield to help the city-state combat inflation. The Singapore dollar is close to a record against the Indonesian rupiah as well, and not far off highs against the yen.
