The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has dropped considerably today, mostly on account of the only major UK data of the day disappointing speculators.
GBP/INR Exchange Rate News: Slowdown of UK Retail Sales is Worse than Expected
The Pound Sterling (GBP) has fallen by -0.4% against the Indian Rupee (GBP/INR) today, just one of many declines for Sterling against the competition. The most prominent of these has been a similar -0.4% loss against the Thai Baht (GBP/THB), although the Pound has managed to claw back gains of 0.4% against the Australian Dollar (GBP/AUD), 0.7% against the South African Rand (GBP/ZAR) and over 0.8% against the Turkish Lira (GBP/TRY) and the Russian Ruble (GBP/RUB) today.
The primary reason for the Pound’s softening against its rivals has been a pair of slowdowns against forecasts in the UK Retails Sales figures for July. The base yearly result fell from 4.1% to 3.5% when 3.8% had been expected, while the annualised figure Including Auto Fuel dropped from 4.1% to 3.7%: 3.8% was also expected for this outcome.
Optimistic OECD Forecast allows Rupee to Hold Steady against Sterling (INR/GBP), Oil Dip aids Immeasurably
The Indian Rupee (INR) has, by all accounts, performed well against its major rivals, seeing a stalemate against the Pound Sterling (INR/GBP) and the Euro (INR/EUR) and a 0.7% rise against the US Dollar (INR/USD).
The Indian currency has been helped out today by a report from the Organisation of Economic Cooperation and Development (OECD), which expects India’s economy to be the fastest-growing major economy in the next two years. An additional area of support was crude oil prices; although the price per barrel has risen since Tuesday, the cost dipped from over $47.00 yesterday to below $46.50 today. Speaking on the future movement of oil prices, Ben van Beurden, Chief Executive Officer at Shell, offered an uncertain forecast, saying ‘We have to live with that volatility and with the fact that [oil prices] might be lower for longer’.
GBP/INR Exchange Rate Forecast: FOMC Decision to Overshadow Tomorrow’s Indian Data
The future for the GBP/INR pairing is uncertain; while the Pound (GBP) is unlikely to decline overall for the rest of the week, the Indian Rupee (INR) may have a fall in store after the US Federal Open Market Committee (FOMC) Interest Rate Decision, which may not even need to result in a rate increase this evening to do a significant amount to damage to commodity and emerging-market currencies, including the Rupee. If the FOMC does not institute a rate hike, but instead implies that one will still come within the year, the US Dollar (USD) can be expected to spike in value, which will in turn drive the Rupee down.
After the dust has settled tomorrow, the Indian Foreign Reserves figure to the 11th of September is out; forecasts have been for a rise from $349bn to $350bn.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 103.2100 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0097 today.
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