You believe that the Singapore dollar's exchange rate movements are mostly attributed to purchasing power parity. Today the nominal annual interest rate in Singapore is 18 percent. The nominal annual interest rate in the United States is 3 percent. You expect that annual inflation will be about 4 percent in Singapore and 1 percent in the United States. Assume that interest rate parity holds. Today the spot rate of the singapore dollar is $0.63, Do you think the one-year forward rate would underestimate, overestimate, or be an unbiased estimate of the future spot rate in one year? Explain. The inflation differential sugoests that the Singapore dollar should interest differential. Thus, the forward rate would predict a very slightlv. Yet, the forward rate would have a large Singapore dollar, which means that it would future spot rate