The exchange rate forecast for the Indian Rupee (INR) against the Singapore Dollar (SGD) suggests a bearish outlook due to several pressing economic factors. As of early November 2025, the INR has reached record lows against the US dollar, hitting 88.62 on September 23, primarily driven by increased US H-1B visa fees and diminished foreign equity inflows. This adverse environment has placed significant pressure on the INR, resulting in its trading at 30-day lows near 0.014555 against the SGD, just 0.5% below the three-month average of 0.014628. Analysts note that the INR has exhibited stability within a narrow range of 2.4%, primarily oscillating between 0.014447 and 0.014793 in recent weeks.
The Reserve Bank of India's (RBI) recent interventions, including a substantial $6 billion increase in short dollar forward positions to stabilize the weakening currency, have underscored the central bank's commitment to bolstering the INR. However, the RBI's efforts face headwinds from persistent demand for US dollars from importers seeking to hedge against rising costs, which have only compounded the INR's challenges. Moreover, economic reports highlighting weak manufacturing exports and a narrowing policy rate differential with the US suggest further pressure on the rupee in the near term.
In contrast, the Singapore Dollar has shown resilience, supported by the Monetary Authority of Singapore's (MAS) decision to maintain its monetary policy settings, reflecting stronger-than-expected economic growth. With Singapore's GDP expanding by 2.9% year-on-year in Q3 2025, MAS has adjusted its growth forecast upwards, which may bolster the SGD's standing as a stable, safe-haven currency, especially during periods of global financial uncertainty.
Experts predict that unless the external pressures on the INR are alleviated or further support from the RBI is demonstrated, the INR may continue to struggle against the SGD. The interplay of these economic conditions will be pivotal in shaping future forecasts for the INR/SGD exchange rate, making it essential for individuals and businesses engaged in cross-border transactions to stay informed and adjust their strategies accordingly.
