The exchange rate forecasts for the Singapore Dollar (SGD) to Qatari Riyal (QAR) reflect a complex interplay of monetary policy adjustments and economic conditions in both Singapore and Qatar. As of early October 2025, the SGD has faced headwinds due to recent monetary policy easing by the Monetary Authority of Singapore (MAS), aimed at addressing subdued economic growth and inflation rates. In April, the MAS reduced the Singapore dollar nominal effective exchange rate (S$NEER) appreciation rate in response to downgraded GDP growth forecasts and escalating U.S. tariffs that could negatively impact Singapore’s economy, particularly in manufacturing and services sectors.
Current expectations from analysts suggest that the SGD may struggle to gain strength against the QAR in the near term, reflecting uncertainties around Singapore's economic performance. The GDP growth forecast was revised down to a range of 0% to 2%, indicating potential challenges ahead. This suggests that any further depreciation pressure on the SGD could keep the exchange rate within a constrained trading range. At present, the SGD to QAR exchange rate stands at 2.8232, situated just below its three-month average, maintaining relative stability within a narrow band between 2.8044 and 2.8693.
Conversely, the Qatari Riyal continues to maintain stability, supported by its peg to the US Dollar at a fixed rate of 3.64 QAR per USD. Analysts from Qatar National Bank note potential moderation in the US Dollar's value, factoring in upcoming fiscal and monetary shifts from the Federal Reserve, which could impact the QAR's dynamics. The Central Bank of Qatar has proactively raised interest rates to strengthen the economy and stabilize the riyal amid global economic shifts. Additionally, Qatar's ongoing diversification efforts away from hydrocarbons further bolster confidence in the QAR’s resilience.
Oil prices, which remain a significant influence on the QAR, have recently traded at approximately USD 64.53, about 5% below their three-month average, indicating volatility in oil markets that could indirectly impact the riyal. Given that oil remains a vital component of Qatar's economy, fluctuations in oil prices are crucial for assessing the QAR’s outlook.
In summary, amidst current economic pressures and policy adjustments, the SGD may face a tough landscape against the stable backdrop of the QAR. Stakeholders are advised to closely monitor developments in both economic policies and oil price trends to make informed decisions regarding international transactions involving these currencies.
