Singapore daily FX turnover rebounds to USD 1,324.192 billion in April 2026
Singapore’s average daily FX turnover rose to USD 1,324.192 billion in April 2026, according to the SFEMC survey. Activity exceeded both October 2025 and April 2025 levels, with increases across all reported instruments.
Singapore’s average daily foreign exchange turnover reached USD 1,324.192 billion in April 2026, rebounding from USD 1,122.348 billion in October 2025, according to the Singapore Foreign Exchange Market Committee survey. The recovery extended across every reported instrument, rather than reflecting an increase confined to a single part of the market.
The April result also exceeded the USD 1,272.968 billion recorded in April 2025. That comparison puts the rebound in perspective: activity recovered beyond the preceding October decline, but the advance over the year-earlier survey was less pronounced than the increase from October. These three observations show a recovery, not an uninterrupted upward trend.
Traditional FX remains the main source of turnover
Traditional FX turnover rose to USD 1,195.857 billion per day from USD 1,048.164 billion in October. FX swaps remained the largest reported instrument, reaching USD 688.346 billion against USD 626.608 billion previously. Spot trading and outright forwards also increased. The breadth of those gains supports a reading of stronger activity across traditional instruments, rather than an isolated shift within that category.
OTC FX derivatives increased to USD 128.335 billion per day from USD 74.184 billion. Currency swaps showed a particularly marked change, rising to USD 45.767 billion from USD 12.734 billion, while FX options also advanced. Despite that expansion, derivatives remained substantially smaller than traditional FX. Both categories are already included in the overall turnover figure.
A broader recovery in transaction activity
The instrument mix therefore points to a recovery with two features: the largest trading segment expanded, while the smaller derivatives segment also contributed. This is evidence of greater transaction activity across the surveyed market, but turnover alone does not establish better liquidity or greater market depth; those conclusions would require evidence about trading conditions, not just transaction values.
The workbook reports survey-month daily averages for top Singapore FX activity institutions, adjusted for double counting. Its scope is the overall FX market, not retail trading alone. The figures measure transactions during the survey month, rather than outstanding positions, customer balances or capital entering Singapore.
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