The recent performance of the Singapore Dollar (SGD) against the Indian Rupee (INR) reflects a blend of robust economic growth in Singapore and underlying challenges faced by India. As of October 19, 2025, the SGD to INR exchange rate stands at 68.15, slightly below its three-month average, and has exhibited stability within a 2.4% range from 67.60 to 69.22.
Analysts note that the Monetary Authority of Singapore (MAS) has opted to maintain its current monetary policy settings, indicating confidence in Singapore’s economic resilience despite global challenges. The country’s Gross Domestic Product (GDP) growth, which surged by 2.9% year-on-year in Q3 2025, exceeded expectations of 1.9%. Furthermore, MAS has revised its core inflation forecasts downward, which may further support a stable SGD in the near term.
Conversely, the Indian Rupee is currently under pressure, as evidenced by the Reserve Bank of India's recent intervention to stabilize the currency amidst rising concerns related to U.S. tariffs and increased gold imports. The RBI sold between $3 billion to $5 billion in the foreign exchange market, resulting in the rupee's largest single-day gain in four months. Market sentiment shifted positively after this intervention, as indicated by a significant dip in the options market, showing increased demand for rupee call options.
The ongoing trade tensions with the U.S., particularly the imposed tariffs on Indian exports, have added complexity to the INR's outlook. Economic analysts emphasize that the U.S. Federal Reserve's interest rate decisions continue to be a key factor influencing the USD/INR exchange rate, contributing to the rupee's volatility against other currencies, including the SGD.
In summary, while Singapore's economic indicators present a stable outlook for the SGD, the Indian Rupee grapples with challenges that could result in fluctuations. For businesses and individuals planning international transactions, monitoring these developments is crucial in seeking advantageous exchange rates for conversions between SGD and INR.
