The Singapore dollar trimmed its early losses against the U.S. dollar in the European session on Friday, after the Monetary Authority of Singapore said that it is ready to prevent excessive currency volatility if needed.

"The Singapore dollar nominal effective exchange rate (S$NEER) remains well within its policy band, notwithstanding increased volatility in international foreign exchange markets over the last few days," the central bank said in a response to media queries.

The Singapore dollar that fell to more than a 9-month low of 1.4160 against the U.S. dollar at 9:00 pm ET retreated after the central bank's statement. The currency was trading at 1.4093, compared to yesterday's closing value of 1.4116.

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