Singtel an unlikely winner on back of increased forex volatility

Regional currencies remain robust versus the greenback.

Singtel will get a positive boost from the fluctuation in foreign exchange rates, a report by UOB Kay Hian stated.

According to the report, Singtel is backed by the strength of most ASEAN currencies, most of which have appreciated against the Singapore dollar.

“Indonesian Rupiah, Indian Rupee, Thai Baht and Philippine Peso have appreciated 1.4%, 5.1%, 3.1% and 3.7% respectively against the Singapore Dollar. More importantly, the Australian Dollar, which has depreciated against the Singapore Dollar over the past five months, experienced its first day of genuine rebound of 1.7% yesterday,” stated the report.

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