Giving performances of Asian currencies, David Carbon, managing director for economic and currency research at DBS, said the rupee has appreciated by 6.6 percent from July 2014 to this month against the Japanese yen, euro and USD combined.
"The Monetary Authority of Singapore (MAS) is the third central bank in Asia to significantly surprise the market (after the Bank of Japan and the Reserve Bank of India) and the market will increasingly question who will be next," HSBC said in a note Wednesday.
China's economy is accelerating again and inflation will tick up by the second half of the year after bottoming out in February, according to David Carbon, MD of Economics & Currencies at DBS Bank.