The Singapore dollar strengthened against the U.S. dollar in the early Asian session on Friday, after data showed that Singapore's seasonally adjusted unemployment rate dropped to an eight-year low in the first quarter of 2023.

Flash data from Ministry of Manpower Singapore showed that the nation's seasonally adjusted unemployment rate slid to 1.8 percent in the first quarter of 2023 from 2.0 percent in the fourth quarter. The unemployment rate reached its highest, since the first quarter of 2015.

Around 4,000 workers were laid off in the first quarter of 2023, up from 2,990 workers in the previous quarter.

The Singapore dollar rose to a 2-day high of 1.3333 against the U.S. dollar, from yesterday's closing value of 1.3348.

If the Singapore dollar extends its uptrend, it is likely to find resistance around the 1.31 area.

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