The exchange rate for the Singapore Dollar (SGD) to Indian Rupee (INR) is currently at 68.73, which is 1.5% higher than its three-month average of 67.73, reflecting stability within a narrow range of 66.90 to 68.88. Recent developments in both Singapore and India provide insights into the outlook for this currency pair.
In Singapore, the Monetary Authority of Singapore (MAS) decided to keep its monetary policy unchanged on July 30, 2025, following a surprising 1.4% quarter-on-quarter GDP growth in Q2. Economists are divided on MAS’s future policy moves, with half anticipating no adjustments while others predict easing to address a potential negative output gap. Additionally, core inflation has significantly decreased, settling at 0.6% for June, thus affording the MAS more flexibility in its monetary stance despite some uncertainties regarding future growth.
Conversely, the Indian Rupee has recently faced significant pressure, hitting a record low of 88.36 against the U.S. dollar on September 5, primarily due to the impact of new U.S. tariffs on Indian exports and substantial foreign portfolio outflows totaling over $16 billion this year. The Reserve Bank of India (RBI) has intervened to stabilize the INR by selling dollars, attempting to cap further depreciation. Analyst forecasts suggest a cautious outlook, predicting that the INR will not decline significantly in the near term, with expectations to stabilize around 88.04 by the end of September.
Overall, while Singapore's economic environment suggests a stable or potentially appreciating SGD, the INR appears pressured, creating a favorable scenario for those looking to exchange SGD for INR. Given the current exchange rate dynamics and economic factors, individuals and businesses may consider timing their transactions to capitalize on this relative strength of the Singapore Dollar against the Indian rupee.
