As the US Dollar continues to sustain a bullish run, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 0.22%. Meanwhile, the Pound has strengthened against the majority of its most traded currency rivals after the Shop Price Index met with the median market forecast.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.8330.
Although a stronger US Dollar has caused the emerging market Indian Rupee to soften against many of its major peers, better-than-expected services data has minimised declination. The HSBC India Services PMI eclipsed the market consensus of a rise from 50.0 to 51.1, with the actual result reached 52.6.
Yesterday…
After oil prices resumed declination in spite of a deal made between the Iraqi government and Kurdish authorities, the Pound Sterling to Indian Rupee exchange rate tumbled by around -0.62%. Compounding the Rupee appreciation was the Reserve Bank of India’s decision to keep interest rates unchanged despite pressure from the government to ease monetary policy. The Pound, meanwhile, has softened as a result of disappointing construction data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.9170.
Cool British Construction sees Sterling (GBP) Slump
After British construction data showed output slowed in November, the Pound softened against the majority of its most traded currency rivals. The Markit Construction PMI was forecast to drop from 61.4 to 61.0, but the actual result dropped to 59.4.
Senior Economist at Markit Tim Moore stated; ‘The construction sector remains a strong growth engine within the UK economy, but momentum has undoubtedly cooled since the summer. November’s survey highlights that housing, commercial and civil engineering activity all expanded at the slowest rates for over a year. A less favourable overall economic newsflow was cited as the key factor dampening otherwise buoyant demand patterns across the UK construction sector.’
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 97.1020.
RBI Hold Rates, Rupee (INR) Advances
Despite pressures from government to ease monetary policy, the RBI kept the cash rate unchanged. This caused the Indian Rupee to advance against many of its peers despite dovish comments regarding future policy adjustments.
‘The RBI did not relent to market pressure and opted to keep rates unchanged. The policy language has turned neutral as risks to the FY16 target are now seen as evenly balanced, but policymakers were quick to add that durability of readings beyond December will be watched,’ stated Radhika Rao, Economist, DBS, Singapore.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Soften
With low oil prices supporting the Indian Rupee, it is likely that the Pound Sterling to Indian Rupee exchange rate will continue trending lower.
The Pound Sterling to Indian Rupee exchange rate has reached a high today of 97.5680.
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,0.0191,
US Dollar,,Indian Rupee,61.9013,
Euro,,Indian Rupee,77.0017,
Pound Sterling,,Indian Rupee,96.9694,
Australian Dollar,,Indian Rupee,52.3004,
[/table]
