Pound Sterling (GBP) Exchange Rate Forecast to Plunge against the Indian Rupee (INR) despite Rising Oil Prices
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate declined by around -1.3% on Tuesday afternoon.
In general the British asset strengthened versus its major peers during Tuesday’s European session. With mounting trader uncertainty regarding the fallout from China’s equity market crash, the Pound surged as a major currency attached to a country with a comparatively high benchmark interest rate.
With a complete absence of British economic data to divert the trend, the Pound is likely to continue holding a position of strength versus most of its major peers. A depreciation against risk and commodity correlated currencies can be attributed to traders profiting from fresh multi-year highs seen during Monday’s European session.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 104.3000.
Indian Rupee (INR) Exchange Rate Forecast to Strengthen against the British Asset (GBP) after RBI Deputy Governor Comments
Despite the fact that crude oil prices edged higher during Tuesday’s European session, the Indian Rupee rallied versus its major peers. Oil’s recovery has been fractional and prices still remain comparatively weak. Additional gains can be linked to positive comments from Reserve Bank of India (RBI) Deputy Governor SS Mundra. Mundra sought to allay fears regarding the impact of China’s economic struggles on India by stating that the problems are transient, driven by interconnectivity of the world economies. He also added that India is capable of dealing with any external shocks.
In addition to the comments made above, Mundra stated; ‘From the view point of where we were two years ago and where we are today, whether it is the level of our foreign exchange reserves or the current account deficit position, and going forward how commodities pricing situation is looking at, I would believe that in medium to long-term, we are on the right path.’
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate dropped to a low of 103.9200.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Hold Losses ahead of UK Mortgage Data
Given the absence of economic data publications pertaining to either the UK or India to provoke changes, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate is likely to hold losses for the remainder of Tuesday’s European session. Wednesday ought to see changes with British Loans for House Purchase data due for publication. A complete absence of Indian economic data should see the emerging-market currency subject to market sentiment and oil price changes. There is the potential for Rupee declination irrespective of oil prices should traders wish to capitalise on today’s surge and buy profits.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate climbed to a high of 105.6200 during Tuesday’s European session.
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