After Indian inflation was seen to decline, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by 0.16%. However, less-than-ideal British data has caused the Pound to slump against the majority of its most traded currency rivals.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.8430.
British Construction Output sees Sterling (GBP) Decline
After softening considerably against the majority of its currency rivals on Thursday, the Pound has extended losses on Friday. This is as a result of lower-than-expected construction output. Seasonally-adjusted Construction Output saw a yearly increase of 3.5%, but failed to meet with the median market forecast growth of 4.3%. On a monthly basis, Construction Output increased from by 1.8%, but failed to meet with the market consensus of 4.0% growth.
‘Alongside Fridays’ construction data, the ONS also released figures on British firms’ profitability in the three months to June. This showed that profitability at private firms, excluding those involved in North Sea oil and gas, rose to its highest since late 1998 at 11.6 percent,’ stated David Milliken, writing for Reuters.
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 96.4300.
Indian Inflation sees Rupee (INR) Soften
India’s Wholesale Price Index inflation declined to its lowest level in five years thanks to a fall in food and oil prices. WPI inflation dropped to 1.77% in October, down from 2.38% in September. ‘Food inflation has eased as the price of onions dropped 58% y/y on better crop yields and a fading year-ago base effect. Fuel price inflation has cooled as the lowering of fuel subsidies over the past year has now been absorbed into wholesale prices,’ Moody’s analytics said in an earlier comment.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Fluctuate
With several Indian data releases due for publication later on Friday morning, the GBP/INR exchange rate is likely to fluctuate. A lack of British data, however, should see Sterling movement dictated by fluctuations in the foreign currency market.
The Pound Sterling to Indian Rupee exchange rate has reached a high today of 96.9460.
UPDATE
GBP/INR Exchange Rate Softens on Mixed Indian Data
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.6410.
Although the Indian Rupee declined against its major peers after the Wholesale Price Index fell to a five-year low, the Rupee has recovered losses on Friday afternoon thanks to better-than-expected data. Foreign Reserves declined fractionally from $315.91 billion to $315.13 billion, but Bank Loan Growth increased from 11.1% to 11.2% despite predictions of a drop to 10.74%. Deposit Growth also declined from 12.6% to 12.0%.
Indian Rupee (INR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Indian Rupee,
,US Dollar,0.0161,
Indian Rupee,,Euro,0.0129,
Indian Rupee,,Pound,0.0103,
Indian Rupee,,Australian Dollar,0.0185,
US Dollar,,Indian Rupee,61.7651,
Euro,,Indian Rupee,76.9656,
Pound Sterling,,Indian Rupee,96.7931,
Australian Dollar,,Indian Rupee,53.7897,
[/table]
