The Indian Rupee was firmer against the Pound on Monday after the UK currency was weighed down by comments made by Chancellor George Osborne and data which showed a surprise decline in the UK’s service sector.
The Rupee managed to tick slightly higher against the Pound despite the publication of data which showed that India’s service sector had contracted in December due to a decline in new orders amongst increasingly tough economic conditions.
According to the HSBC/Markit PMI survey, Indian business contracted at its quickest pace since September as a fragile economy and stiff competition weighed upon demand. Upcoming elections were also blamed for a slowdown in orders. The PMI fell to 46.7 in December, down from the figure of 47.2 recorded in November, and was the sixth consecutive monthly fall, the longest decline recorded since the global economic crisis in 2008.
“The service sector continues to face head winds, with weakening new business dragging down activity, on a positive note, inflation pressures are easing and optimism about the coming year is rising,” said HSBC chief economist for India and ASEAN Leif Eskesen.
Sterling was weakened after data showed that the UK service sector slowed in December by its biggest margin in six months, taking economists by surprise. The PMI fell to 58.8 in December, rather than holding at November’s figure of 60 as had been forecast.
The Pound was knocked early in the session after Chancellor of the Exchequer George Osborne dampened demand for the currency after saying that further austerity and budget cuts will be needed.
Current Rupee (INR) Exchange Rates:
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 102.020
The Euro/Indian Rupee Exchange Rate is currently in the region of: 84.786
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 62.265
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 55.806
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 51.570
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 58.627
(Correct as of 10:50 am GMT)
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