Get Ready for a More Expensive Trip to Singapore: 1 SGD Now Equals Rp13,500

The rupiah exchange rate weakened against the Singapore dollar during midday trading on Thursday (23/4/2026). According to Refinitiv data, at 11:41 WIB, the rupiah was at Rp13,551/SGD, down 0.70% against the Singapore dollar. Pressure on the rupiah had been evident since the start of trading. The Garuda currency opened weaker at Rp13,456/SGD, before the depreciation deepened as transactions progressed. Throughout the day’s trading, the rupiah even reached Rp13,564/SGD. That level became the rupiah’s weakest point against the Singapore dollar on an intraday basis ever. The rupiah’s weakening against the Singapore dollar is not without reason. Amid high global uncertainty, the Singapore dollar is increasingly sought by investors as one of the safest currencies in the region. Singapore’s reputation as a stable, safe country with strong fundamentals makes its currency more attractive during times of global market uncertainty. UOB Senior Foreign Exchange Strategist Peter Chia stated that the Singapore dollar continues to receive support from its safe-haven status. A similar view was expressed by Maybank Head of Foreign Exchange Research Saktiandi Supaat, who noted that Singapore’s AAA credit rating and the safe-haven character of its currency make the Singapore dollar tend to be more resilient than other currencies. According to him, global factors such as the conflict in the Middle East further enhance the appeal of the Singapore dollar. Meanwhile, other safe-haven currencies like the Japanese yen are less favoured, partly because Japan is a major energy importer. At the same time, several other Asian currencies are still overshadowed by their respective domestic challenges. This means the current strengthening of the Singapore dollar is not only against the rupiah. The Lion City’s currency also shows broader resilience against various other Asian currencies. On a year-to-date (ytd) basis up to Thursday (23/4/2026), the rupiah recorded the deepest weakening against the Singapore dollar, reaching 4.60%. Below the rupiah, weakening was also experienced by the South Korean won at 3.55%, the Philippine peso at 3.54%, and the Thai baht at 3.41%. Next, the Japanese yen weakened by 2.63%, while the Vietnamese dong fell 1.17% against the Singapore dollar. In contrast, only the Chinese yuan and Malaysian ringgit have managed to strengthen against the Singapore dollar, by 1.57% and 1.53% ytd, respectively.