The Singapore dollar edged higher to 5.1800 against the Hong Kong currency during early Asian deals on Tuesday. This set the highest point for the pair since February 10, 2009. If the pair gains further, 5.22 is seen as the next target level. The Singapore currency is currently quoted at 5.1616, compared to 5.1201 hit late New York Monday.

The Singapore economy contracted worse than expected in the first three months of 2008, the Ministry of Trade and Industry said in a preliminary report today, plummeting by a seasonally adjusted 19.7 percent compared to the previous quarter. This was far below analyst expectations for a 9.0 percent decline following the 16.9 percent fall in the previous quarter.

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