Over the past three months, the United States has experienced continuous inflation far beyond expectations, driving the US dollar to its highest level since November of last year. Against the backdrop of pressure on Asian currencies, the Monetary Authority of Singapore (MAS) continues to uphold its policy of Singapore dollar appreciation. The exchange rates of the Singapore dollar against the Korean won and Japanese yen have frequently hit historical highs, breaking records of the past 10 years.

According to data from the Foreign Exchange Trading website, the exchange rate of the Singapore dollar against the Korean won has been steadily rising over the past month. It climbed from 1 Singapore dollar to 987 Korean won a month ago to a peak of 1 Singapore dollar to 1018.29 Korean won by 10 p.m. Singapore time on the 12th, setting a new 10-year record before slightly retracing to around 1 Singapore dollar to 1012.6 Korean won.

The exchange rate of the Singapore dollar against the Japanese yen also rose from 110.84 to 113.27 by 5 a.m. Singapore time on April 12th, marking a 10-year high before a slight retreat to the range of 112.3 to 112.5.

Recently, the exchange rates of the Singapore dollar against the Korean won and Japanese yen hit new highs. On Saturday morning, this currency exchange shop located in Chinatown's Pagoda Street displayed a rate of 1 Singapore dollar to 1002 Korean won or 111.4 Japanese yen, attracting the public to queue up for currency exchange. (Photo by Lee Kuan Wai)

Reporters from United Daily News observed at The Arcade in Raffles Place that the inventories of Korean won in at least three currency exchange shops have been completely sold out, with Faizam Forex being one of them. Faizam Forex's manager, Habib Mohamed (60 years old), told reporters that for the past two mornings, they had been restocking Korean won in cash, but by the afternoon, they were already sold out. He said, "The number of customers exchanging Korean won over the past few days has increased by about 50% compared to usual, and the amount of Singapore dollars they exchanged ranged from 1000 to 10,000."

Meanwhile, Yogesh Sangle, the global head of Instarem, told "Lianhe Zaobao" that over the past three days, the number of Amaze users exchanging Singapore dollars for Japanese yen through the multi-currency e-wallet has doubled.

According to observations by reporters at around 4 p.m. on the 13th (Saturday), the exchange rates on different platforms varied slightly, with 1 Singapore dollar exchanging for 112.58 Japanese yen on Instarem, 111.9 Japanese yen on YouTrip, and 111.05 Japanese yen on DBS Bank.

Against the backdrop of the current surge in the excchange rates of the Singapore dollar against the Korean won and Japanese yen, how should investors seize this rare forex investment opportunity?

Firstly, understanding market trends is crucial. Investors can monitor real-time exchange rate data provided by uSMART to observe the fluctuations in the Singapore dollar against the Korean won and Japanese yen. By grasping market trends, they can better formulate trading strategies and capitalize on favorable opportunities for trading.

Secondly, implementing appropriate risk management strategies is also crucial. The forex market is highly volatile, and uSMART provides support for conditional orders. Investors can set stop-loss and take-profit orders, manage positions effectively, and avoid excessive risks. Moreover, diversifying investments across different currency pairs can help reduce overall risk.

Lastly, continuous learning and improving one's forex trading skills are also essential. Investors can participate in relevant training courses, seminars, or read more about the forex market on uSMART, including news and market analysis. This helps in accumulating experience and knowledge to enhance one's trading abilities.

How to place a trade on uSMART mobile application:

After logging into the uSMART SG APP, select "Discover" from the bottom of the page, then choose "Forex" from the top menu to learn about the Singapore dollar/Japanese yen (SGD/JPY) pair. Click on "CFD Trading" in the bottom right corner, select the "Buy/Sell" function, then choose the price, quantity, and trading conditions before submitting the order. Please refer to the image guide below:

This diagram is provided for illustrative purposes exclusively

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We have based this article on our internal research and information available to the public from sources we believe to be reliable. While we have taken all reasonable care in preparing this article, we do not represent the information contained in this article is accurate or complete and we accept no responsibility for errors of fact or for any opinion expressed in this article. Opinions, projections and estimates reflect our assessments as of the article date and are subject to change. We have no obligation to notify you or anyone of any such change. You must make your own independent judgment with respect to any matter contained in this article. Neither we or our respective directors, officers or employees will be responsible for any losses or damages which any person may suffer or incur as a result of relying upon anything stated or omitted from this article.

This document should not be construed in any jurisdiction as constituting an offer, solicitation, recommendation, inducement, endorsement, opinion, or guarantee to purchase, sell, or trade any securities, financial products, or instruments or to engage in any investment or any transaction of any kind, nor is there any intention to solicit or invite the purchase or sale of any securities.

The value of these securities and the income from them may fall or rise. Your investment is subject to investment risk, including loss of income and capital invested. Past performance figures as well as any projection or forecast used in this article is not indicative of its future performance.

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