SGD to INR Forecast 2026-2030: Prediction & Analysis

SGD to INR Forecast Summary

The SGD INR forecast blends disciplined Singapore monetary mechanics with India’s growth-inflation trade off. This produces a durable range rather than abrupt directional breaks. The SGD to INR exchange rate forecast therefore reads as gradual revaluation with episodic dispersion driven by external shocks.

Short horizons reflect bullish bias while multi-year projections display wide dispersion across forecasting houses. The SGD/INR trend forecast tilts toward SGD resilience but leaves room for INR surprises.

The SGD to INR rate forecast is anchored by steady capital flows into Asia and a neutral MAS approach. Weekly and monthly biases agree because short-dated capital is favoring Asia allocations and yield differentials remain stable. Volatility has ample room to widen on risk events but current data point to contain moves.

Indirect institutional projections create a band rather than a single point. Use the band to size exposures and let incoming macro events provide tactical triggers. The SGD to INR forecast chart implied by those models suggests persistence rather than breakaway moves.

SGD/INR Exchange Rate

The Singapore dollar has been on an upward trend against the Indian rupee for several years. Currently, the pair is trading near 70 Indian rupees per Singapore dollar. This is several times higher than the price before 2010.

This upward trend may help explain the surge in Singapore's economic growth, as well as the narrowing of the government bond yield spread in Singapore's favor.

Source: TradingView

Short Term SGD to INR Forecast: Next Week & Next Month

Over the coming week, the SGD INR forecast is shaped by near-term positioning around the lower institutional projections for end of December 2025. Credit Agricole’s late-December projection near 67.72, alongside ING’s 68.85, suggests that downside probes remain plausible despite the current spot near 70.37.

For the next month, January 2026, the SGD to INR exchange rate forecast leans toward stabilization rather than acceleration. ING’s March outlook at 68.60 and MUFG’s 68.32 indicates a consolidation phase as markets absorb policy clarity from both MAS and RBI. DBS’s higher March projection near 71.26 caps the upside reference for bullish scenarios.

Medium Term SGD to INR Forecast - 3 to 6 Months

Looking months ahead into late March and early June of 2026, institutional forecasts begin to diverge more clearly. Credit Agricole’s June projection at 67.05 contrasts with DBS’s notably higher 72.06, reflecting differing assumptions around USD/INR strength. ING and MUFG cluster between 68.22 and 69.38, suggesting that the market consensus still favors moderate SGD strength without aggressive repricing.

Extending toward next September, the forecast spread widens further. Credit Agricole projects 66.35, while DBS advances to 73.47, marking one of the widest forecast gaps in the table. ING and Westpac settle closer to 67.83 and 67.72, indicating expectations of renewed INR stability. This dispersion implies that the SGD to INR trend forecast over six months will be highly sensitive to global risk sentiment.

Long Term Forecast: SGD to INR Forecast 2026, 2027, 2028, 2029, 2030

Below we summarize some institutional projections for the SGD to INR pair in each long-term year. We use the indirect SGD/INR numbers from USD/ INR forecast and SGD/USD.

SGD to INR forecast 2026

Credit Agricole projects 65.65 for December 2026 reflecting a relatively strong SGD scenario. ING projects 67.83 as a midpoint outcome consistent with mild INR pressures. MUFG expects 70.94 which implies modest INR weakness and a higher USD/SGD stance. Standard Chartered offers 70.45 implying similar upward pressure on the pair. Westpac’s 66.14 sits closer to Credit Agricole and signals a tighter band.

Taken together, the SGD to INR forecast 2026 spans roughly the mid-60s to low 70s across credible forecasters. The central tendency implies manageable appreciation for SGD relative to INR.

SGD to INR forecast 2027

DBS offers 73.36 for March 2027 and holds similar high-70s near term projection through the year. Westpac’s series moves lower to around 61.11 by December 2027 implying stronger INR scenarios. The divergence between DBS and Westpac reflects different USD/INR and USD/SGD assumptions embedded in their models. The SGD to INR forecast 2027 therefore is a wide envelope and highly model dependent.

For strategy this year, expect scenario risk to remain principal. Any news that compresses the USD/INR spread will quickly move the pair toward Westpac’s lower band.

SGD to INR forecast 2028

DBS returns to a high SGD reading near 73.17 for December 2028 while Westpac projects roughly 60.32 in March and June 2028. Those two clusters create a clear bifurcation. The SGD to INR forecast 2028 will therefore be shaped by the persistence of post-cycle global liquidity and India’s external financing needs.

If India’s external position tightens, the pair could drift toward DBS’s range. If India posts unexpectedly strong external receipts and stable policy, Westpac’s lower outcomes become feasible.

SGD to INR forecast 2029

DBS continues to show high SGD scenarios in the low 70s for the year ends around 73.44 and 73.12 in the late 2029 to 2030 horizon. Westpac’s projections trend lower into the low 60s for 2029. The SGD to INR forecast 2029 consolidates the pattern of divergent model assumptions and underscores structural uncertainty about external balances.

SGD to INR forecast 2030

DBS maintains a cluster in the low 70s for year-end readings around 73.12 to 73.44. Westpac earlier projections in 2028 implied low 60s then held reasonable distance from DBS in the longer horizon. The SGD INR forecast 2030 therefore remains skewed by model choice. Long horizon holders must accept that the envelope will be shaped by macro regime shifts rather than steady carry.

Overall, the SGD INR forecast 2030 is best interpreted as a risk band rather than a single point. Use the institutional spread to stress test balance sheet and scenario planning.

Fundamental Outlook - Monthly, Quarterly, Yearly

Over the next month, central bank stances in Singapore and India are likely to remain cautious and calibrated. MAS has signalled a steady management of the exchange rate with data driven adjustments rather than aggressive moves, while RBI’s recent policy dialogue points to careful inflation monitoring even amid growth support. These stances imply limited policy shocks and a fundamental environment that supports the SGD INR forecast band supplied by institutional models.

Across quarters and the calendar year, inflation of evolution and bond yield paths will dominate. India’s CPI methodological revisions from early 2026 create a data discontinuity that may temporarily amplify market reaction to prints.

Global risk conditions and US yield direction will influence cross currency flows and determine whether markets gravitate to the midpoints of the institutional forecasts or test the extremes. Bond yields and carry differentials will map into the SGD to INR exchange rate forecast through portfolio allocation decisions.

Historical Patterns SGD/INR (Last Five Years)

During crisis episodes the pair exhibited modest outsized moves but reverted as policy credibility and reserve buffers kicked in. SGD tended to outperform during global risk off spells because of Singapore’s external surplus and MAS credibility. INR showed greater cyclical sensitivity to commodity shocks and terms of trade swings.

SGD/INR witness volatility spike during global uncertainty. The chart below illustrates how daily return can be wider during periods of unrest.

Source: TradingView

SGD/INR Currency Driving Factors

Economic drivers

Growth differentials and current account balances determine medium term direction. While trade balance between the two countries seems not to be significant for investors.

Trade with Singapore is a minor component of India's overall trade, consistently accounting for a small single-digit share. While absolute values have grown, Singapore's proportion of India's total exports has trended downward over the past decade, from over 5% to around 3% recently, and its import share has remained low, plateauing near 3%.

For Singapore, India is also not a top trading partner. The bilateral flows, though substantial in absolute terms (exceeding $20 billion annually in imports recently). The recent trend shows these shares hovering around 3%, confirming the relationship's moderate significance.

While the key export from India to Singapore is refined petroleum, its value was over $5.3B as of 2023.

Source: High Commission of India Singapore

Interest rate and yield spread

This factor seems to be the key factor to watch for short term. Yield spreads influence carry and relative funding costs. Changes in global real rates and the domestic yield curve feed directly into cross-border capital allocation and thus into the SGD to INR rate forecast.

Source: TradingView

Risk sentiment impact

Risk on episodes compress the pair toward INR support levels while risk off episodes lift SGD. Global risk appetite and equity flows therefore act as the immediate accelerants around the structural SGD to INR trend forecast.

Upcoming Economic Events

The table below lists confirmed releases and policy events relevant to SGD/INR positioning in early 2026. Dates follow official release calendars and central bank schedules.

Technical Outlook SGD/INR

Technically, on the daily timeframe, the Singapore Dollar against the Indian Rupee is facing resistance from the premium zone between 70.219 - 70.633. A decisive breakout and sustained consolidation above these levels would shift buyers' focus on higher targets, potentially reaching the Fibonacci extension levels at 71.449 - 71.951.

However, a rejection and failure to break through could reinforce the corrective trend. This would likely target the 69.043 - 69.209 support area, which is formed by the confluence of the midpoint of the major bullish wave and the previous key resistance level.

https://www.xs.com/storage/blogs/sgd-inr-tradingview-chart.webp

(Chart powered by TradingView. Charts are for educational and illustrative purposes only and may differ from live trading prices on our platform. Some instruments mentioned may not be available for trading on our platform.)

Disclaimer: The chart reflects the analyst's opinion and does not constitute investment advice. Past performance is not guaranteed for future returns. Seek independent advice before making decisions.

Bull, Base & Bear Scenarios - Table with Forecast Numbers

We build these scenarios using the institutional forecast to create bands for 2026 through 2028 as representative examples. Treat the bands as stress test anchors.

The bull case uses lower indirect SGD/INR readings from banks that expect strong SGD or weak USD/INR assumptions. The base case collects the central tendency of ING, MUFG and Westpac midpoints. The bear case references DBS and MUFG higher readings that imply sustained INR pressure or weaker SGD. The DBS 143.04 value is excluded from operational ranges due to clear inconsistency with peer outputs.

Correlation Check

SGD/INR shows a strong and rising positive correlation with regional equity markets, particularly Singapore’s STI, where the coefficient climbs from 55.0% in January to 88.6% by December, signaling a clear risk-on linkage and increasing synchronization with Singapore’s financial cycle. The correlation with India’s NIFTY is also positive but stable, fluctuating within the 59% to 77%, which reflects India’s domestic growth influence without fully dominating.

In contrast, the relationship with oil prices is consistently and deeply negative, remaining between -69.8% and -87.1% throughout the year, underscoring India’s energy import sensitivity and reinforcing the role of crude prices as a key downside risk factor for the INR.

Source: TradingView

Risk Factors

• Any deviation by RBI from its inflation management narrative or a recalibration of MAS exchange rate guidance could trigger abrupt repricing across forward curves.

• A sharp rise in global real yields or a sudden risk-off episode could force leveraged positions to unwind, amplifying short-term volatility in SGD/INR.

• Stress in offshore INR liquidity or reduced interbank funding access may cause temporary dislocations from model-implied fair value.

• Energy price spikes would widen India’s trade deficit and add structural pressure on INR, feeding directly into the SGD to INR rate forecast.

Conclusion: Analyst View for SGD/INR

Short term, the SGD to INR forecast supports cautious long SGD positions within the institutional band.

Long term, the pair reflects model dispersion and should be traded with layered hedges.

This instrument suits strategic macro desks and institutional allocators rather than pure retail scalpers. Always manage exposures against event triggers and the forecast envelope.