Aussie dollar falls below S$1

Jan 2016 - News

SINGAPORE — The Australian dollar dipped to below the S$1.00 level this morning (Jan 14), in a first since November last year.

Bloomberg data, as of 10.25am (Singapore time), showed that the Australian dollar was trading at around 99.9 Singapore cents, compared to S$1.0047 the day before.

Last July, the Australian dollar had fallen below S$1 for the first time since 2009. Since then, the Australian dollar has fluctuated between S$0.9842 and S$1.0333.

Both the Australian and New Zealand dollars slid to multi-month lows today as a vicious selloff in commodities and equities revived worries about global growth.

The Aussie has skidded nearly 5 per cent this year on worries that China could be losing its grip on managing the slowdown of its economy.

Not helping risk sentiment were sharp falls in commodities and equities. Bourses in Australia, Korea and Shanghai shaved off 2 per cent and Japan shed almost 4 per cent. Prices of iron ore, Australia’s top export earner, are down 8 per cent so far this year. AGENCIES

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