The Singapore dollar, or SGD, is the official currency of Singapore. It's a widely accepted and traded currency, especially in the Asia-Pacific region.
The Singapore dollar has a rich history dating back to 1967, when it was introduced as a decimalized currency. This replaced the Malayan dollar, which was the currency used in Singapore and Malaysia at the time.
Interestingly, the Singapore dollar is subdivided into 100 cents. You might find that some prices are listed in cents, but don't worry, it's still a simple and straightforward currency to work with.
In Singapore, you'll often see the currency symbol $, which represents the Singapore dollar. It's a simple and recognizable symbol that's widely used in the country.
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What is SGD?
The Singapore dollar, or SGD, is the official currency of Singapore. It's issued and maintained by the country's central bank.
You might be wondering why the SGD has a special symbol, S$. This is done to distinguish it from other dollar-based currencies. The SGD is also divided into 100 cents, which is the same as the US dollar.
Singapore dollar banknotes are printed in various denominations, ranging from S$2 to S$10,000. You can find coins minted in one cent to S$5 denominations.
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Economy and Exchange Rates
Understanding the Singapore dollar's value can be a bit tricky, but analyzing historical currency rates can help. You can use the Xe Currency Data API to get an automated currency feed and see how the Singapore dollar has performed over time.
If you're planning to transfer money to or from Singapore, make sure you have the right International Bank Account Number (IBAN) to avoid any issues.
What Are U.S. Dollar Exchange Pairs?
The exchange rate for Singapore dollars to U.S. dollars is USD/SGD. This pair is widely used and easily found by following foreign exchange rates.
Travelers to Singapore can expect to pay fees of 3% to 5% of the current posted exchange rate when converting their money.
Historical U.S. Dollar Exchange Rates
The historical exchange rate for Singapore dollars to U.S. dollars is a fascinating topic.
In the year ending March 25, 2022, the value of the Singapore dollar ranged between 1.3217 and 1.3662 per U.S. dollar.
Fitch Solutions expected the Singapore dollar to average 1.3450 per USD in 2022, indicating it was in a "slightly stronger" position than usual.
The exchange rate fluctuated throughout the year, but this average provides a general idea of the currency's value at that time.
Historical Currency Rates
You can analyze rate trends for any currency over a few days, weeks, months, or years using the Xe Currency Data API. This automated feed will keep you up-to-date on the latest exchange rates.
To make sense of these trends, you can search and validate your IBAN to ensure your transfer is sent to the right destination. This way, you can avoid any potential issues with your international transactions.
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Currency Symbol and Basics
The Singapore currency is the Singapore dollar, and its symbol is SGD. The currency code for the Singapore dollar is S$. If you're looking to exchange U.S. dollars for Singapore dollars, you'll see the exchange rate posted as USD/SGD.
The Monetary Authority of Singapore manages the circulation of currency in Singapore, and you can find information about the history of currency in Singapore on their website. The Singapore dollar is a widely traded currency, and you can find exchange rates for USD/SGD on websites like Yahoo! Finance.
The Singapore dollar is a stable currency, with a rating of 'AAA' from Fitch Ratings. This stability is reflected in the currency's performance over the years, with a steady increase in circulation.
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Frequently Asked Questions
What is the Singapore dollar called?
The Singapore dollar is officially known as the SGD. It's also commonly referred to as the S$ in local transactions.
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