ASEAN KEY DESTINATIONS
Singapore dollar hits new high
Investors were also drawn by the Asian region's economies, which have bounced back from the global slump much better than counterparts elsewhere, they said.
In Asian trade, the Singaporean currency traded briefly at a new peak of 1.3407 to the US currency, compared with 1.3444 late on Wednesday. The unit's previous record high against the greenback was 1.3410, a mark set on Monday.
'It has been like that a week ago since risk appetite came back,' said Leong Wai Ho, a regional economist with Barclays Capital. 'Risk is still being added to Asian currencies at the moment. 'It reflects sanguine conditions in emerging Asian markets,' he added.
Appetite for higher-yielding assets including currencies has returned in recent weeks, with Asia seen as a good investment option, analysts said. 'Generally, it's just optimism over Asia and investments coming into Asia,' said Thio Chin Loo, a currency strategist with BNP Paribas.
Singapore's economy is projected to grow between 13 and 15 percent for 2010, which analysts said would make the island-state the world's fastest growing economy. That contrasts with a 1.3 percent contraction in the trade-led economy in 2009 following the US-led global economic downturn.
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