Singapore has one of the most powerful financial and industrial sectors. It is the most advanced economy in Southeast Asia and primarily depends on foreign investments for economic growth. However, it also has a competitive edge over others in knowledge-intensive activities such as financial services and communications.
Being the financial hub for most international investments, the Singapore Dollar (SGD) is quite popular in the international currency market and the world's 12th most-traded currency. Hence, it is important that you know how to convert INR to SGD and their exchange rate.
Convert Indian Rupees (INR) to Singapore Dollars (SGD) online
You don’t have to know math to estimate the amount of Singapore Dollars you will get by spending a certain amount of Indian Rupees. You can use a currency converter tool to convert INR to SGD within seconds.
Currency converter tools like Jupiter or Google currency converter are simple yet useful tools that can help estimate the value of one currency in another currency within seconds. They use the latest exchange rate to calculate the conversion value, giving accurate results.
The following steps will guide you to convert INR to SGD using Jupiter Money’s currency converter tool.
On the Jupiter currency converter, select SGD (Singapore Dollar) from the drop-down on the left-hand side of the tool.
Then, enter the value in INR on the right-hand side of the tool. The calculator will automatically estimate the value in SGD. If you want to convert Rs 1.5 lakhs to SGD, enter 1,50,000 in INR after selecting SGD from the drop-down. The calculator will automatically display its equivalent in SGD and give you the latest exchange rate between SGR and INR.
Using the Jupiter currency converter, you can also convert SGD to INR. In this case, you have to enter the amount in SGD to get its equivalent value in INR.
History of the Singapore Dollar
The Singapore Dollar is one of the newest currencies in the world. It was in 1967 that the Singapore Dollar was first introduced to the country. But before that, there is a long history of events and long list of currencies that Singapore used. Let’s see the series of events.
The silver dollar was the main currency of trade for Singapore for the longest time. However, during British rule, copper coins came into the picture, and the country used both silver and copper coins for trade.
Then, in 1840, the first banknote with the word 'Singapore' imprinted on it, was issued by the Singapore branch of the Union Bank of Calcutta.
Later in 1899, the Straits Settlements dollar was issued by the Board of Commissioners of Currency. This became the legal tender for Singapore and the Malay States which lasted until the late 1930s.
Then, Singapore and other Malay States decided to have a single currency, and the Malay Dollar was issued.
The currency of Singapore changed again in 1954 when Singapore, the Federation of Malaya, Brunei, Sabah and Sarawak came together to issue the Malaya and British Borneo dollar.
However, after the British withdrew its troops from Singapore and other neighbouring countries, Singapore issued its own national currency, Singapore Dollar. The Singapore Dollar (S$) is the country's legal tender and is issued in coins and bank notes in various denominations, including 2, 5, 10, 20, 50, 100, 1,000, and 10,000 Dollars.
Why are Singapore Dollars so high in value compared to other currencies?
The Singapore Dollar's value is high compared to most currencies, including Indian Rupee, mainly because of the following reasons.
- Strong economic fundamentals: Singapore's sovereign rating is triple A, indicating it is one of the most risk-free countries for investment. It also has a current account surplus, indicating the currency outflow (imports) is less than the inflow (exports). Additionally, it has positive foreign currency reserves. All these imply that Singapore is a strong economy and Singapore Dollar is a safe haven currency.
- Central bank policy: The Monetary Authority of Singapore sets Singapore's monetary policy. It uses the Singapore dollar nominal effective exchange rate (S$NEER) to keep inflation in check. Unlike other countries, it doesn’t use interest rates to control inflation. Instead, it allows the SGD to appreciate to drive down the value of imports, thereby controlling inflation. Since Singapore imports most of its consumable goods, this policy works best for them.
- High resilience: The Singapore Dollar is highly resilient. When the US Dollar is strong, the Singapore Dollar hardly depreciates, mainly due to its exchange rate policy and framework. Hence, the Singapore Dollar is a safe haven for countries with less resilient currencies.
INR to SGD historical rates
Source: Yahoo Finance
Interesting facts about Singapore Dollar
Another name for the SGD is Sing.
Other than Singapore, the SGD is used by Brunei. It is a tiny island nation in Southeast Asia.
The first series of bank notes was known as ‘Orchid Series’.
SGD uses a floating exchange rate system. But initially it was pegged to the UK Pound and US Dollar. Currently, the Brunei dollar is pegged to SGD at par.
Frequently Asked Questions
How much INR can I carry to Singapore?
Indian residents travelling to Singapore can carry maximum cash of Rs 25,000. If you are carrying Singapore Dollars, then the max you can carry is S$ 20,000. If you carry more than this, you must declare it by filling out the Physical Currency and Bearer Negotiable Instruments Report (Traveller), or NP727, form.
What is the best currency to use in Singapore?
It’s best if you use Singapore Dollars in Singapore. However, some of the major shopping malls accept US Dollars, Australian Dollars, UK Pounds, and Euros as well.
Is it better to carry cash or a card in Singapore?
It is best to carry a forex card loaded with Singapore Dollars while travelling to Singapore. This is cheaper than a credit card or international debit card. You can also carry cash, but limit it to a certain amount as there is always a theft of it being stolen.
Is Indian Rupee (INR) accepted in Singapore?
No, Singapore doesn't accept Indian rupees. It only accepts the Singapore Dollar.
Can we use an Indian credit card in Singapore?
Most Indian credit cards are accepted in Singapore. However, it is best to check the charges before using them outside India. Sometimes the charges of Indian credit cards in a foreign country are exorbitant, and using them can result in high charges.
What countries use Singapore Dollar?
Apart from Singapore, the SGD is accepted in Brunei, a tiny island nation in Southeast Asia.
What is the highest SGD to INR exchange rate in 10 years?
The highest SGD to INR exchange rate is Rs 62, which is also the current rate as of Jan 2023.
List of supported countries
Common currency conversion values at today’s exchange rate:
Commonly used currency terms are:
1 crore which has 7 zeroes - 1,00,00,000
1 Arab which has 9 zeroes - 1,00,00,00,000
1 Kharab which has 11 zeroes - 1,00,00,00,00,000
1 Neel which has 13 zeroes - 1,00,00,00,00,00,000
1 Padma which has 15 zeroes - 1,00,00,00,00,00,00,000
1 million which has 6 zeroes - 1,000,000 (Ten lakh in Indian common currency terms)
1 billion which has 9 zeroes - 1,000,000,000 (One Arab in Indian common currency terms)