The Singapore dollar appreciated against the U.S. dollar in the Asian session on Thursday, after Singapore central bank unexpectedly tightened its monetary policy to ensure price stability over the medium term.

The Monetary Authority of Singapore decided to raise slightly the slope of the S$NEER policy band, from zero percent previously. The width of the policy band and the level at which it is centered will be unchanged.

The bank said the decision will help to ensure price stability over the medium term while recognizing the risks to the economic recovery.

The MAS applies the exchange rate against a basket of currencies within an undisclosed band as its monetary policy tool.

The Singapore dollar climbed to a 3-week high of 1.3474 against the greenback, from Wednesday's close of 1.3516. On the upside, 1.33 is possibly seen as its next resistance level.

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