The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has been in a bad way today, along with most of the other Pound (GBP) pairings.
GBP/INR Exchange Rate News: Gfk Confidence Hits Rock Bottom, Panicking Investors
Pound Sterling (GBP) has been through the mill today in terms of exchange rate movement; it began on a positive pegging against most of the usual rivals, but has since slipped down in appeal due to lingering negative influences.
One of these has been the early-morning Gfk consumer confidence survey for February, which recorded a drop from 4 points to 0. The firm was quick to date the information, pointing out that this was the lowest level of confidence seen for the UK since December 2014.
The UK Referendum has failed to fade from the public eye either, with much of the day’s attention being focused on a conflict between David Cameron and former Conservative party leader Michael Howard, the latter of whom believes the EU is an outdated, inefficient project that the UK is better off out of.
Pound Sterling has fallen by -0.3% against the Indian Rupee (GBP/INR) today and made a greater loss of -0.4% against the Israeli New Shekel (GBP/ILS) and Hungarian Forint (GBP/HUF). Gains have included 0.4% against the Australian Dollar (GBP/AUD) and 0.9% against the South African Rand (GBP/ZAR).
Indian Rupee (INR) Trends Tightly Overall as Economic Survey Predicts Steady Growth
The Indian Rupee (INR) has made no real movement against the Pound Sterling (INR/GBP) and Euro (INR/EUR) today, but has elsewhere managed to print a substantial gain of 0.7 against the US Dollar (INR/USD).
Rupee movement has mainly been affected of late by the impending budget proposal, which is scheduled to be made on Monday. Ahead of this, however, the Rupee has been partly buoyed by the Economic Survey growth forecast for 2016. This has predicted a rate between 7-7.5% on the year; for context, the 2015 estimation was for between 8.1-8.5%.
While this GDP estimation is vast compared to that of nations like the UK, it is worth remembering that this kind of forecast is considered ‘conservative’ for India.
GBP/INR Exchange Rate Forecast: G20 News may Shift Sterling during Weekend, Indian Budget Next Week
With the G20 summit likely to make headlines over the weekend for the UK and most other attending nations, the next concrete announcement to come will be Monday’s Indian budgetary announcement.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 95.9260 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0104 today.