Recent forecasts for the SGD to INR exchange rate reflect a careful balancing act influenced by both Singapore's and India's economic environments. As of October 2025, analysts highlight that the SGD is trading near 30-day lows at approximately 68.38 INR, which is just above its three-month average and has fluctuated within a stable range of 3.5%, between 66.90 and 69.22 INR.
The Singapore dollar has faced pressure due to the Monetary Authority of Singapore (MAS) easing its monetary policy in early 2025 to foster economic growth amid moderating inflation. This included a reduced rate of appreciation for the SGD, particularly in response to external trade uncertainties, such as U.S. tariffs impacting Singapore's export-driven economy. Analysts note that Singapore's downgraded GDP growth forecast for 2025, now projected between 0% to 2%, underlines the economic challenges facing the country, prompting a cautious approach to currency management.
Conversely, the Indian rupee has been supported by the Reserve Bank of India's (RBI) active measures to defend its value against the dollar, particularly around the critical 88.80 level. The RBI's interventions through dollar-rupee swaps and regular market actions have been essential in stabilizing the rupee amid escalating geopolitical tensions and import challenges due to U.S. tariffs on key Indian goods. Furthermore, foreign portfolio inflows anticipated from significant upcoming IPOs are expected to provide temporary relief to the INR, although market risk aversion persists due to geopolitical factors.
Overall, the interplay of these elements suggests a cautious outlook for the SGD to INR exchange rate, with significant external pressures shaping expectations. Economists indicate that sustained volatility may occur if current economic and geopolitical trends continue, making it advisable for businesses and individuals engaging in international transactions to monitor these developments closely.
