The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently in the region of 102.6400, moving between a low of 102.3900 and a high of 102.8200. Movement at this time is negligible which is most likely due to a lack of data released today for either currency in the pairing.
The ‘Greenback’ (USD) to Indian Rupee exchange rate is currently trending around 61.1787, ranging between a low of 61.0250 and a high of 61.2625.
Following a difficult week in which manufacturing data was poorer than forecast, the Bank of England’s (BoE) maintained their low interest rate and geopolitical issues took precedence; the Pound (GBP) ended the week soft against most major currencies. However, it is currently trending positively against the Rupee (INR) amidst growing trader concern over the Russia/Ukraine conflict and the ongoing issues in Iraq.
Last week saw the USD/INR pairing hit a four month high after impressive US data releases including ISM Non-Manufacturing and Markit Services PMI’s.
Today has no significant data releases for the Pound, ‘Greenback’ or the Rupee, which is likely to be the reason for the lack of movement. The US dollar has seen the only significant change having increased demand for its safe haven qualities amidst growing geopolitical unrest.
GBP/INR has seen a high today of 102.8200.
Forecast for the week ahead
Wednesday will be important in terms of UK data publications. Chief amongst these are the ILO Unemployment Rate report, and the Jobless Claims Change report. Should both of these data releases post positive results, inflationary pressures are heightened. That increases the significance of the Bank of England’s (BoE) Inflation Report, which will spark Sterling movement.
Tomorrow sees the release of the US Monthly Budget Statement, but its effect economically is likely to be mild. Wednesday, however, will have more significant US data posted. Advanced Retail Sales acts as a measure of consumer demand before GDP is released and is a significant market mover. It is forecast to maintain its previous figure of 0.2%.
Tomorrow will be an important day, economically, for the Indian Rupee. Year-on-year Industrial Production is forecast to drop to 3.5% from the previous posting of 4.7%. Year-on-year Manufacturing Production is forecast to drop dramatically from the 4.8% figure previously posted to -2.33%. The year-on-year Inflation Rate will hold significant weight economically for India. It is forecast to rise to 7.59% from a previous posting of 7.31%.
USD/INR has experienced a low today of 61.0250.
Indian Rupee (INR) Softens after Poor Factory Output
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 102.9200.
The Indian Rupee has seen losses today following less than ideal industrial and manufacturing data. Year-on-year industrial production was forecast to fall to 3.5% from a previous figure of 4.7%. The actual result recorded a fall to 3.4%.
Perhaps a more significant marker for the softening of the Rupee is the year-on-year manufacturing production data. It was forecast to drop to 4% from the previous figure of 4.8%. The actual data was revealed to have dropped significantly to 1.8%.
Not helping the situation for the Rupee is the figures from the year-on-year inflation rate report. Having been forecast to increase from 7.31% to 7.59%, the actual data showed an increase to 7.96%.
The Pound to Indian Rupee (GBP/INR) exchange rate has fluctuated between a low of 102.3900 and a high of 102.9300.
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