The SGD to INR exchange rate has recently demonstrated stability, currently trading near 14-day highs around 68.37, which aligns with its 3-month average. Analysts have noted that the SGD has remained within a tight range of 2.4% over the past few months, fluctuating between 67.57 and 69.22. This stability is attributed to Singapore's resilient economic performance and consistent monetary policy settings.
On October 14, the Monetary Authority of Singapore (MAS) opted to maintain its current policy stance, reflecting confidence in Singapore’s economic growth, which exceeded Q3 2025 expectations with a year-on-year GDP expansion of 2.9%. This growth, coupled with a downward revision in core inflation forecasts, suggests that the MAS may be calibrating its monetary policy to manage economic stability effectively in a globally uncertain environment.
Meanwhile, the Indian Rupee (INR) is also experiencing a dynamic situation, primarily impacted by market interventions from the Reserve Bank of India (RBI) on October 15. The central bank's decision to sell between $3 billion to $5 billion has stabilized the rupee, leading to its largest single-day recovery in four months. This intervention was pivotal amid rising pressures from U.S. tariffs and increasing gold imports, which have challenged the INR's value.
Market sentiment has shifted positively towards the rupee following the RBI's actions, as reflected in the options market, where there is an increasing demand for rupee call options. Despite this improvement, the INR continues to grapple with heightened trade tensions following significant U.S. tariff impositions on Indian exports, which may influence its performance against other currencies, including the SGD.
Overall, analysts suggest that the interplay of these economic and policy factors will likely continue to influence the SGD/INR exchange rate. Traders and businesses engaged in international transactions should consider these developments closely to strategize around potential currency movements in the coming weeks.
