The Indian Rupee fell against the Pound and slumped to an eight-week low against the US Dollar after inflation data came in above forecasts.
On a year by year basis Consumer Price inflation increased by 10.1% in October, higher than the 9.9% expected by economists. The data renewed concerns over the state of the Indian economy which is already struggling from high prices.
Other data showed that India’s industrial production growth went up by 2% on a year by year basis in September, up from a revised reading of 0.4 percent in August. The increase was driven by an increase in export and domestic orders. Industrial activity received a boost from a surge in infrastructure output, which includes coal, electricity, cement, crude oil and steel factories.
Despite the rise it disappointed the markets as economists had been expecting a rise of 3.5%. India’s manufacturing sector, which makes up around 76% of industrial production, grew at a yearly pace of 0.6%.
The Indian economy could strengthen and improve in the future however as signs of increased demand from Indian export destinations also led to an increase in production. Exports grew by 11.15% on a year by year basis in September.
Consumer sentiment in the country showed signs of decline after a separate report showed that car sales fell by 3.88% in October.
The Pound meanwhile fell against the majority of its peers due to the release of data which showed that inflation slowed more than expected in October.
Current Rupee (INR) Exchange Rates:
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 101.6220
The Euro/Indian Rupee Exchange Rate is currently in the region of: 85.2529
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 63.8394
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.5251
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 52.4862
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 60.7883
(Correct as of 14:05 pm GMT)
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