--- Consider the exchange rate between Singapore dollars and Thai Baht. Assume the interest rate in Thailand rises while the interest rate in Singapore remains constant. Then (1) The demand for shifting the demand curve of to the (2) The supply for shifting the supply curve of to the (3) Consequently, the Singapore dollars against Thai Baht Singapore dollars increases: Singapore dollars, right (outward): Thai Baht increases, Thai Baht, right (outward); appreciate Singapore dollars increases; Singapore dollars, right (outward): Thai Baht increases, Thai Baht, right (outward); depreciate Thai Baht decreases; Thai Baht, left (inward): Singapore dollars increases, Singapore dollars, right (outward); appreciate Thai Baht increases: Thai Baht, right (outward); Singapore dollars increases, Singapore dollars, right (outward): depreciate