S$1.00 to AUD1.23: Australian dollar falls to lowest level ever against S’pore dollar

The Australian dollar has fallen to an all-time low against the Singapore dollar.

The exchange rate on Apr. 7 was S$1 to AUD1.23.

Earlier on Monday, it even reached S$1 to AUD1.24.

Markets across the world are reeling from Donald Trump’s tariff plan.

On Friday, Apr. 4, before markets closed, the rate was S$1 to AUD1.18, marking a 3.5 per cent decline over the weekend.

According to major financial news reports, fears of a global recession dragged the Australian dollar sharply lower against the country’s major trade partners.

The Australian dollar also hit its lowest point against the Euro, pound and U.S. dollar since 2020, according to The Guardian.

This spells bad news for Australians as a lower Australian dollar will translate to higher prices for customers buying overseas goods.

The Australian dollar’s value is tied to demand for commodities, such as iron ore, it was also reported.

Australians would suffer if economic activity slowed around the world, especially in China, as a result of a global trade war.

Vacationing overseas will also cost more for Australians as a result of a weakening Aussie dollar.

Top photos via Unsplash & Google