The Singapore dollar tumbled against the U.S. dollar in the Asian session on Wednesday, after Singapore's central bank said that there is scope for policy easing to counter the outbreak of the coronavirus.

In a statement, the Monetary Authority of Singapore said that there was sufficient room within policy band to accommodate easing of Singapore dollar in line with weakening economy due to virus.

The Singapore Dollar Nominal Effective Exchange Rate has been fluctuating near the upper bound of the policy band in recent months.

The Singapore dollar declined to near a 4-month low of 1.3824 against its American rival, compared to yesterday's closing value of 1.3701. The Singapore dollar is seen locating support around the 1.41 level.

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