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The exchange rate between the South Korean Won (KRW) and the Singapore Dollar (SGD) has experienced notable fluctuations over the past several months. Understanding these movements requires an examination of historical data, economic indicators, and external factors influencing both currencies.

Recent Exchange Rate Trends

Between September 2024 and March 2025, the KRW/SGD exchange rate exhibited a downward trend. The highest rate during this period was approximately 0.0009788 SGD per KRW on September 26, 2024, while the lowest was around 0.0009146 SGD per KRW on March 10, 2025. This represents a depreciation of the KRW against the SGD by about 6.6% over six months.

Economic Indicators and Their Impact

Several economic factors have contributed to the observed exchange rate movements:

• South Korea's Economic Performance: South Korea's economy faced challenges such as slowing export growth and increased household debt, which may have weakened the KRW.

• Singapore's Economic Stability: Singapore's economy remained robust, with steady GDP growth and low inflation, bolstering the SGD's strength.

• Interest Rate Differentials: Differences in monetary policies between the Bank of Korea and the Monetary Authority of Singapore influenced capital flows, affecting the exchange rate.

External Factors

Global economic conditions, including trade tensions and shifts in investor sentiment, also played a role in the KRW/SGD exchange rate dynamics. For instance, increased demand for safe-haven currencies during periods of uncertainty can lead to SGD appreciation.

Conclusion

The KRW's depreciation against the SGD over the past several months can be attributed to a combination of domestic economic challenges in South Korea, Singapore's economic resilience, and broader global economic factors. Monitoring these elements is crucial for understanding future exchange rate movements between the two currencies.