Recent forecasts for the SGD to IDR exchange rate suggest a challenging outlook influenced by both Singapore's monetary policy and Indonesia's economic conditions. As of early November 2025, the SGD trades close to 14-day lows around 12,781 IDR, which is slightly below its 3-month average and reflects a stable range from 12,658 to 12,974 IDR.
Analysts indicate that Singapore’s Monetary Authority's decision in April to ease monetary policy continues to have repercussions. This adjustment, intended to support an economy facing global trade uncertainties, appears to have softened the SGD’s strength. However, the subsequent improvement in Singapore's GDP growth to 2.9% year-on-year in Q3 2025 has provided some uplift, as MAS raised its growth forecast for the year. The SGD is expected to maintain some safe-haven characteristics, but the global economic environment remains uncertain.
Meanwhile, the Indonesian rupiah's recent performance illustrates a more volatile landscape. Bank Indonesia's interventions, including market stabilization measures and interest rate cuts, are aimed at stimulating growth. Yet, the political turbulence following the unexpected reshuffle of the Finance Minister has raised concerns regarding fiscal policy, leading to an immediate depreciation of the IDR. Furthermore, external factors such as global trade tensions and U.S. economic policies continue to exert pressure, contributing to the recent weakness of the rupiah against the SGD.
Market participants are likely to closely monitor these developments. The balance of these factors suggests that the SGD may continue to face headwinds in its efforts to appreciate against the IDR, particularly in light of the fluctuations driven by both domestic policies and international economic pressures.
