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Introduction | Overview | Structure | History | Factors affecting change in exchange rates | Daily trend of Singapore dollar | Weekly trend of Singapore dollar

Dollar is a monetary unit and is the common national currency in several nations of the world. The most important and popular dollar currency in the world is the US dollar and stands at the top of the list of most heavily traded currencies of the world. The Asian connection of the dollar is dominated by a few dollar dominated Asian currencies including Singapore dollar. Singapore dollar forms the official currency of the republic of Singapore, normally depicted with "$" sign. As almost all the dollar currencies are usually denoted by the same dollar sign, Singapore dollar is sometimes is denoted as "S$".

According to the ISO 4217 standard, Singapore dollar is depicted with the currency code SGD and numeric code 702. "Cent" provides for the subunit of the currency and divides it in 100 equal parts. The country adopted the currency in 1967 when it got aborted from the union with Malaysia.


Singapore dollar is among the most popular dollar dominated Asian currencies. The currency is pegged by currency of Brunei " the Brunei dollar at par and both the currencies are accepted in both the nations, though not as a legal tender in the other country, but as a customary tender. It is a freely convertible currency, the value of which is decided by the market forces as it is allowed to float in the foreign exchange market, though not totally as it is taken care of by the Monetary Authority of Singapore i.e. the central bank of the country. This system that can be called as a "managed float system" proved good to the currency of Singapore in the time of Asian financial crises and that is why, it was subsequently adopted by various other economies in the continent.

The Singapore dollar coin that has an octagon inscribed on it appears like a Chinese lucky charm called "bagua". The reason that this coin was minted is an interesting story.  Some "feng shui" masters suggested each household display a bagua to lessen the adverse effect of construction of MRT tunnel in the country, but some people showed disinterest in the concept and that is why the coin was minted so that the sign circulates in the country. Singapore sources of revenue are dependent on the international trade of the country and the nation’s currency satisfies the need for having a strong currency. Singapore’s import and export policies are lenient enough and there is no restriction on the import and export of any currency.


Singapore dollar like all other dollar currencies is a decimalized currency that can be broken down into 100 equal cents. The currency is pegged by Brunei dollar that has similar values as of the Singapore dollar. The higher value denominations are issued in banknotes and the smaller value denominations are issued in coinage. Singapore dollar is one of the very few currencies that have got names for different series of banknotes issued till date. The first series of banknotes was referred to as "orchid" series that was issued in 1967; the second series was termed as "bird" series that was issued in 1976, "ship" series was the name given to the third banknote series issued, and the current prevailing series named as "portrait" series. The notes in the current series are issued in 7 denominations that are $2, $5, $10, $50, $100, $1000 and $10000. All the notes are of different sizes and color, size ascending according to the value. The currency banknotes for each denomination depict different theme, which is symbolized in the portrait printed on the backside of the notes. The $2 note is based on the theme of ideal educational progression in Singapore, the $ 5 note is based on garden city theme, the $10 note represents sports theme, $50 note depicts the arts theme, $100 note is based on youth theme, the $1000 note shows buildings that symbolize executive, legislature and judiciary and the $10000 note shows the knowledge base and technology driven future of the Singapore. The front sides of the notes of all the denominations bear engraved portrait of president Encik Yusof bin Ishak. The color scheme of the bank notes is mentioned below
  • $2 - Purple
  • $5 - Green
  • $10 - Red
  • $50 - Blue
  • $100 - Orange
  • $1000 - Purple
  • $10000 - Gold

The coinage in Singapore dollar is minted in 6 denominations namely 1 cent, 5, 10, 20, 50 cents and 1 dollar. All the currency notes and coins are issued and circulated by Monetary Authority of Singapore. Currently the second series of coins is in operation that was issued in 1985. The first series, which was minted in 1967 and also had same 6 denominations, displayed various designs representing dramatic break with the past. The current coin series is based on flora theme issued with the motive of enhancement of the image of Singapore as a city of gardens. The obverse sides of all the coins have an engraved image of Singapore arms with the "Singapore" written all around the circumference of the coin in 4 different national languages of the country. The reverse sides posses images of various plants mentioned in the list below along with the value of the currency

  • 1-cent coin - Vanda Miss Joacquim (flower)
  • 5-cent coin - Monstera Deliciosa (plant)

  • 10-cent coin - Jasminum multifloram or the star jasmine (flower)

  • 20-cent coin - Calliandra surinamensis or the powder puff plant (plant)

  • 50-cent coin - Alamanda cathartica or the yellow alamanda (flower)

  • $1 coin - Lochnera rosea or the periwinkle (flower)


Singapore was a British colony before it formed the part of the country Malaysia. As one of the numerous colonies of the British Empire, Singapore had been using the Straits dollar since 1845. The straits dollar served as the colony’s official currency for almost 100 years and got replaced by the Malayan dollar in 1939 with a discontinuation in the Japanese occupation. Later on in 1953, the place of the official currency of the country was taken over by Malaya and British Borneo dollar. The thirteen Malayan states including Singapore formed their union and got their due independence in 1963 and formed the Malaysian federation. Along with the federation, Singapore switched over to the Malaysian dollar but with in 2 years time following an ideological conflict between the state government formed by People’s Action Party (PAP) and the federal government established by United Malays National Organization (UMNO), Singapore’s part in the federation was terminated and an independent country of the Republic of Singapore came into existence.

The country established the Board of Commissioners of Currency that introduced the new currency for Singapore that was termed as Singapore dollar. In 1967, with the help of the board, first ever series of banknotes in Singapore dollar was issued known as "Orchid" notes. The Singapore dollar was exchangeable with the Malaysian dollar at par and this exchange rate continued till 1973. The board later devolved in 2002 and the functions of the board were forwarded to Monetary Authority of Singapore. The orchid series had an image of orchid on the front sides of all the notes and it included 9 denominations ranging from $1 to $10000. This series was withdrawn from the circulation in 1976 and the second banknote series, "bird" series, was issued. All the notes bore an image of a bird on the left of the front side of the notes and had 9 denominations, difference from the 1st series being $20 note instead of a $25 banknote. In 1984, the third series, which was called "ship" series, was induced with a slight difference that was the $20 note was discontinued and a new $2 note was introduced. The notes in this series depicted the theme of maritime vessels and the improvements in the country. The present series is called the "portrait" series that shows the images of important personalities in the history of Singapore and it replaced the precious currency in 1999.

Factors affecting the exchange rates between two countries

The volatility in the foreign exchange rates depends upon a numerous macro economic factors that have different degrees of importance to different economies of the world. Some special and exceptional factors affecting the rates may also exist in the case of different countries. Following are shown the common factors on which the foreign exchange rate depends

  • Flow of imports and exports between the countries
  • Flow of capital between the countries
  • Relative inflation rates
  • Fluctuation limits on exchange rate imposed by the governments of the countries
  • Merchandise trade balance
  • Rate of inflation in the country
  • Flow of funds between the countries for the payment of stock and bond purchases
  • Relative growth
  • Short term and long term interest rate differentials
  • Cost of borrowings
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