Cash rate of INR better than spot in Arcade

It’s hard to believe but it is true. Some money changers are offering a cash rate of upto 49.80 for 1 sgd in arcade building (raffles place). 

The current spot is around 48.40 which means if you go to these few money changers you gain around 2.5% over spot. 

How they are able to do this is beyond my comprehension but it’s true. I changed some money, checked on notes and everything is legit (atleast to my eyes) 

So if you are looking to change some money for upcoming travels to India then do grab this opportunity. 

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11 thoughts on “Cash rate of INR better than spot in Arcade”

    1. Logically the move would create chaos in the markets. The jewellery and real estate deals should come to a stand still for the next few days till people digest this news. Black money spending going down should hit GDP just as Chinese crack down on black money spending impacted not just theirs but even neighboring economies but I think in the short run traders might think that there would be a Rupee oversupply due to black money coming out which is Rupee positive. This should get the Chartered Accountants really busy for the upcoming financial year end

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    1. On the flip side New, Uncirculated, fresh notes from the current series of denomination 500 and 1000 Rupee should become collectible. I am gonna hold a few notes in hopes that just like old 1000 Rupee Notes these will fetch a massive premium in 5-10 years

      Liked by 1 person

  1. Aditya, the cat is out of the bag, watch NDTV now. Modi has scrapped 500 and 1000 Rs note from tonight. I guess the money changers here had already got a hint of it so they were dumping their stock.

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  2. Hi Aditya,

    SGD slides further and INR now breaks 48 level trading at 47.6 on another horrible data release w.r.t SG GDP Growth. Seems like all bets are off now for SGD, monetary easing on the cards if Oil prices don’t move up ??

    Whats your view ?

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  3. Interesting!My friend was also telling me few days back that he got a good rate from a money changer for INR.

    My guess is they must have hoarded too much of INR speculating that it will appreciate or something, most money changers are Indians anyways. Now they want to dispose it off fast at any cost.

    Or it could be somehow or by way of some sources they got tons of INR for even cheaper rate.

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    1. I have absolutely no idea how they are offering this rate but it’s a perfect opportunity to get some INR for those who want to convert.

      Do remember that one can carry 25k INR per person to India without any declaration

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