The Singapore dollar was trading at 10-year highs against the greenback on Wednesday after the central bank signaled a slight tightening of its policy in the face of rising inflation, dealers said.

In afternoon trade, the local unit was at 1.4654 to the US dollar, up from 1.4752 on Tuesday.

The Monetary Authority of Singapore, the de facto central bank, said inflationary pressures have picked up, with rents and wages increasing amid buoyant domestic economic conditions and rising global oil and food prices.