SINGAPORE -- The Singapore dollar hit a five-month low on Friday as it succumbed to the broad strength in the US dollar and heightened economic worries after the finance minister warned of protracted external risks to growth.

Other Asian currencies, such as the South Korean won, Philippine peso and Taiwan dollar also dropped more than half a percent each after strong US housing data and suggestions of growth worries in the euro zone bolstered the dollar.

The euro tumbled to a five-month low after European Central Bank President Jean-Claude Trichet's remarks, indicating euro zone growth could be weaker than anticipated, cooled market expectations for a rate rise in the European block.

Likewise, the Singapore dollar tumbled after Singapore Finance Minister Tharman Shanmugaratnam was quoted on television as saying it could take another year before growth in the economy bottoms out.

"After Tharman's speech last night on the Singapore economy, US houses and funds were all stopped out," said a Singapore dollar trader.

"They are unwinding their structural US dollar shorts, which they sold two to three months ago."

The currency hit 1.4015, breaching the 1.4 level for the first time since late February, as growth concerns outweighed expectations of the authorities allowing faster currency appreciation to tackle rising inflation.

The Singapore dollar has shed 4.0 percent of its value against the US dollar since mid-July.