The exchange rate forecast for the Singapore Dollar (SGD) against the Qatari Riyal (QAR) has been influenced by recent monetary policy adjustments and economic performance in both countries. As of late 2025, the SGD is trading at 30-day highs of approximately 2.8193 QAR, slightly above its three-month average, within a stable range of 2.7837 to 2.8546.
In Singapore, the Monetary Authority of Singapore (MAS) has adopted a more gradual approach to appreciation by reducing the slope of its exchange rate policy band. This was primarily a response to lower-than-expected core inflation and a need to support economic growth, which showed a surprisingly strong quarter-on-quarter expansion of 2.9%. However, concerns over escalating trade tensions with the U.S. and potential tariffs impacting key sectors like pharmaceuticals and semiconductors have raised questions about the sustainability of this growth. Analysts foresee that if external risks persist, further easing of monetary policy may be warranted.
On the other hand, Qatar's economic stability is bolstered by rising international reserves, which climbed to 260 billion riyals, reflecting financial resilience. The Qatar Central Bank's recent interest rate increases signal efforts to maintain the riyal's stability amid global economic challenges. Additionally, a moderated outlook on USD value, which is pegged to the riyal, suggests limited room for significant appreciation.
The vulnerability of both currencies is also tied to oil price fluctuations. Recent data indicates that oil prices have reached 30-day lows near $61.20, which is 4.9% lower than their three-month average of $64.38, and this decline could exert pressure on the QAR given Qatar's economic reliance on oil exports.
Overall, while the SGD is currently showing strength against the QAR, ongoing economic developments and external pressures in both markets could lead to adjustments in these trends. Businesses and individuals engaged in international transactions should closely monitor these factors, as fluctuations in currency values could have significant financial implications.
