1. The ROOT of currency fluctuations now are caused by RUS aggression in UKR. RUS did NOT just simply decided to militarily roll in UKR overnite. It was LONG planned, as far back as 5yrs ago. RUS planners took into account most aspect of the war - socially & economics, not just militarily, & rehearsed for years with trial balloons sent over the yrs before making its move into UKR.
In terms of economics, wars are highly expensive & can run into trillion$. Thus its need to bring down the US dollar so that it can pay for troops & equipment - material & parts from local & foreign sellers by rising its roubles. PrezPutin alone is believed to have a net worth of US$40billion & most are believed to be in US currency. All he needs to do is just throw US$1billion into the currency market - sell US dollars to buy RUS roubles, & traders will follow suit to sell US dollars & buy RUS roubles which will see the rouble rise, as happened.
This is just one aspect of the economic war that RUS had waged not just on US but also on all Humanity in terms of oil & resources. However, its liner thinking planners had made a mistake in presuming Humankind will just roll over & be enslaved.
2. RUS is not the only nation with resources. Others too have resources & Humanity turned instead to ALTERNATIVES. US already long knew RUS plans, & made preparations. The FED rate hike was not meant to curb exuberant spending. It was meant to curtail RUS efforts to bring down the US dollar. As US dollar is the currency reserve of the World, based upon its democracy, Rule of Law & military might, many would throw their savings into safe & strong US than other currencies, even PRC citizens with cash under their pillows. The FED rate hike was to ensure such happens, with more returns on savings to attract savers. With the rush to turn savings into US dollars, it propped up the US dollar naturally.
3. Singapore too has US currencies in its national currency reserves. It is monitored regularly by finance professionals, to buy & sell when the rates are favorable, akin to money changers, & had long profited by such measures. Today, they may had spent huge amounts to sell the US dollar to buy the S$dollar in order to prop up our own national currency, it had merely used such profits to do so. It had lost nothing, as there is still S$billions EXCHANGED for US dollars, & may even had profited.
4. Japan, Malaysia & other nations had watch their own $ dollar devalued against the US dollar. It may had been INTENTIONAL, as they are EXPORTING nations. By keeping their dollar low, their export would flow & revenue earned, more so in post covid era. As they are agrarian societies, they would be self sufficient to keep their citizens fed without or with minimal IMPORTS, mostly only needed by the rich such as mercz, BMWs, etc.
Singapore has little exports & furthermore protected by fair trade agreements, with its strong S$ dollars, most citizens & biz entities will not suffer much, with much to gain instead. Thus, there is no need to over fear.
As US is an exporting nation, it will worry if their US dollar rise too much, making their exports expensive & creating loss of jobs in US. The FED is watching closely, & any further rate hike will be only to help end the war in UKR. Rate hikes are only just one tool, there are MANY other tools to use. The RUS planners should be sacked. If they had lived during ancient times, they would be beheaded for their failures, to fool PrezPutin into thinking it can win the war in UKR & RUS be a World leader.
