The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has made little overall progress today, with the earlier crash experienced by the Pound being balanced by less-than-inspiring Indian economic data.
GBP/INR Exchange Rate News: Sterling Greatly Softened Today by Strong Investor Reaction to Construction Results
The Pound Sterling (GBP) has seen a large number of declines against its usual peers today, with the main reason being the morning’s Construction Output figures for November, which have fallen from 0.2% to -0.5% in November and dropped from 1% to -1.1% over the course of 2015.
These highly unfavourable conditions for the Pound are something of an encore performance to yesterday’s downtrend that was triggered by and not relived by, the Bank of England (BoE) Interest Rate Decision, which resulted in a now-typical rate freeze.
Among Sterling’s losses today have been a minor deterioration against the Indian Rupee (GBP/INR), as well as -1.4% against the Swiss Franc (GBP/CHF), -1.6% against the Euro (GBP/EUR) and the Danish Krone (GBP/DKK) and -1.9% against the Hungarian Forint (GBP/HUF) and the Japanese Yen (GBP/JPY). On the other side of the coin, however, gains of 1% against the Australian Dollar (GBP/AUD) and 1.4% against the South African Rand (GBP/ZAR) have also been recorded. Despite falling against the Rupee, the Pound is nonetheless still in a higher position compared to earlier in the week.
Indian Rupee (INR) Given Optimistic Diagnosis by Moody’s
The Indian Rupee (INR) has held its own with 0% against the Pound Sterling (INR/GBP) or the US Dollar (INR/USD) today, but a loss of -1.5% against the Euro (USD/EUR) has been recorded.
Today’s only Indian economic release has been the Foreign Reserves figure for January 8th, which has fallen slightly from $350.37bn to $348.93bn. In a more positive development, however, Moody’s Investors Services has made bullish predictions with regard to the Indian economy in 2016, stating that: ‘Indian enters 2016 on the cusp of a cyclical growth recovery with inflation under control and the economy benefitting from lower commodity prices’, in the words of Associate Director Atsi Sheth.
The dramatically low price of crude oil has also been a supportive factor to the Rupee today, having dipped and stayed below the $30 barrier.
GBP/INR Exchange Rate Forecast: UK House Prices and Indian Trade Balance due Early Next Week
The coming week will see economic publications from both sides of the pairing, although current schedules put Monday’s UK Rightmove House Prices for January at the top of the pile.
Later on in the day, the Indian Balance of Trade for December will be released; current predictions are for a further widening of the deficit from -$9.78bn to -$10.1bn.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 97.0180 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0103 today.