British Pound to Indian Rupee (GBP/INR) Exchange Rate Sheds 0.2% on Indian Data
Sterling has struggled over the past few days after a YouGov poll on Scottish independence gave a 51% margin to the nationalists. Tuesday has seen a reversal in fortune for the Pound after a fresh poll found that the lead had, once again, changed in favour of the unionists. A lack of Indian economic data has seen the Rupee soften as the US Dollar continues to bully the markets.
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The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 98.9830.
A Survation poll on the Scottish bid for independence on Thursday revealed that the pro-union voters had once again taken the leady by 53%. Unionists will be extremely pleased with the vote; especially as it is the highest recorded level of support for the pro-union vote in a Survation poll. The lead is far more tenuous than first imagined; however, which is still having a marked effect on Sterling, but the fact that there has been a reversal in leadership has enabled the Pound to gather a little momentum against many of its major peers.
The Indian Rupee has struggled against a surging US Dollar over the past week. US Labour market data has produced mixed results on Thursday which makes it a little difficult to gauge future US Dollar movement. US Continuing Claims bettered the market consensus of 24,900 with the actual data resulting in 24,870 unemployed. This, however, was still an unwanted increase on the previous figure of 24,780. Initial Jobless Claims showed an unexpected rise from 304,000 to 315,000 despite predictions of a positive decline to 300,000.
Although the results were mixed the US labour market data was generally negative which could suggest an easing of pressure on the Federal Reserve to hike rates. If that is the case the US Dollar is likely to experience dampened demand compared to the past few days.
The Pound Sterling to Indian Rupee exchange rate has hit a low today of 98.4540.
The Pound to Indian Rupee Exchange Rate Forecast to Weaken on US Labour Data
With several Indian economic publications on Friday expect volatility for the Pound to Rupee exchange rate. However, should the data results equal or better the forecast figures, the Rupee is likely to improve if traders react negatively to the US labour market data.
Friday’s UK data is of less significance in terms of the potential to provoke Sterling movement. Year-on-year Construction Output is forecast at 0.6% growth having registered an increase of 1.2% previously. It is unlikely that the Pound will make any purposeful gains until the conclusion of the Scottish referendum on September 18th.
The Pound Sterling to Indian Rupee exchange rate has reached a high today of 99.0340.
Although the US Dollar to Indian Rupee exchange rate is headed for a five-day gain on the strength of Federal Reserve rate hike speculation, the Pound to Indian Rupee exchange rate was trending lower on Friday ahead of the publication of several key Indian reports. In the hours ahead the nation’s trade balance, inflation rate and industrial/manufacturing production numbers could all trigger GBP/INR movement. Positive results would support the Rupee into the weekend. The UK’s upcoming Construction Output report is also worth noting. If output comes in below the forecast level of 0.6% it could weigh on the Pound.