Against the US currency, the Singapore dollar rose to 1.5033 during early Asian deals on Tuesday. This set the highest point for the Singapore dollar since February 11. On the upside, 1.49 is seen as the next target level for the Singapore dollar. The pair was worth 1.5088 at yesterday's North American session close.

Singapore's Department of Statistics said yesterday that the consumer price index rose 1.9 percent year-on-year in February, at a much slower pace compared to a 2.9 percent rise in the previous month. Moreover, consumer prices increased less than economists' expectations of a 2.6 percent rise.

This was the fifth month in a row since October that the consumer price inflation has eased, following the 26-year high of 7.5 percent in each of three months in the second quarter of last year.

On month, consumer prices fell 0.5 percent in February, following a 0.1 percent decline in January.

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