The Singapore dollar gained ground after hitting an 8-day low of 2.0302 against the European currency at 8:00 pm ET. The Singapore currency climbed to 1.9955 against the euro within about two hours. The next upside target level for the Singapore dollar is seen around 1.968. The pair closed Monday's North American session at 2.0235.

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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