The Singapore dollar that touched a low of 2.2541 against the British pound during Tuesday's early Asian deals strengthened thereafter. At 8:15 pm ET, the Singapore currency reached a high of 2.2228 versus the pound, compared to Monday's closing value of 2.2486. On the upside, 2.19 is seen as the next target level. The pair is currently trading at 2.2302.

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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