Thai baht and Malaysian ringgit hit multi-year highs, Singapore stock market reaches new high again.

On Tuesday, the weakening of the Malaysian ringgit and Thai baht against the US dollar pushed the exchange rate to multi-year highs, leading the rise of emerging Asian currencies, while financial stocks helped Singapore's stock market hit a historical high. The Thai baht briefly broke through the 31.100 mark against the US dollar, rising to 31.055, the highest level since early June 2021. The soaring price of gold has driven the Thai baht higher, which has had a negative impact on Thailand's economic growth as a stronger baht will reduce export and tourism income. So far this year, the Thai baht has risen by over 10%, making it the best-performing currency in the region. The Malaysian ringgit is the second best-performing Asian currency this year, with a nearly 10% increase. On Tuesday, it rose slightly, reaching its highest level since early March 2021. The Singapore stock market hit a new high of 4625.48 points, the benchmark index hitting a record high for the third time this month. This year, the FTSE Straits Times Index in Singapore has risen by 22% and is expected to achieve a second consecutive annual increase, mainly due to heavyweight banks and defense company ST Engineering, which has surged by nearly 80%.