The Pound Sterling to Indian Rupee exchange rate advanced on Wednesday as Asian currencies softened in a risk off environment.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate up 0.3%
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by 0.3% on the day’s opening levels as the European session continued.
The Rupee was struggling across the board as a result of US Dollar demand from foreign banks.
The US Dollar to Indian Rupee exchange rate advanced to 62.0200.
According to one industry expert; ‘The Rupee is down purely because of market factors. The stock market has weakened in the last few sessions and it is likely that some institutional investors are pulling out.’
UK Trade Deficit Narrows, Pound Sterling (GBP) Exchange Rate Gains Limited
Although a report published on Wednesday showed a narrowing in the UK’s trade deficit in October, the shortfall failed to decline by as much as expected.
The Pound’s advance was also restrained by the British Chambers of Commerce (BCC)
As well as negatively revising its UK growth forecasts for 2014, 2015 and 2016, the BCC asserted that introducing an interest rate increase in the near future could damage the UK’s economic recovery.
The BCC stated; ‘Our dependence on consumer spending and mortgages means that the UK economy is particularly sensitive to interest rates,” he said. “Any short-term rate rises could present a huge risk to our economy.’
Pound Sterling (GBP/INR) Exchange Rate Forecast
Ahead of the release of India’s influential economic reports, trader Vikas Babu Chittiprolu; ‘Rupee will move largely tracking global factors. CPI may not have a large impact on the Rupee unless stocks move. INR should hold in a 61.80 to 62.20 range for the rest of the week.’
On Friday India is set to publish deposit growth and foreign reserves figures, industrial/manufacturing production reports and inflation rate numbers.
The factory output and consumer price data are most likely to influence movement in the Pound Sterling to Indian Rupee (GBP/INR) exchange rate. UK Construction Output figures will also be of interest.
Indian Rupee (INR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Indian Rupee, 97.2110,
US Dollar,,Indian Rupee,62.0100,
Euro,,Indian Rupee,76.7680,
Australian Dollar,,Indian Rupee,51.6730,
New Zealand Dollar,,Indian Rupee,47.7740,
[/table]
