Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Dive despite Surging US Dollar
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This can be attributed to British manufacturing data showing growth to have slowed beyond expectations. The Indian Rupee, meanwhile, advanced against many of its major peers despite a bullish US Dollar. This is as a result of better-than-anticipated Indian manufacturing data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.4530.
Pound Sterling (GBP) Exchange Rate Dives on UK Data
In the wake of disappointing British data, the Pound slumped versus nearly all of its most traded currency rivals. The UK Manufacturing PMI declined from 53.5 to 52.5 in December despite the median market forecast of a growth of 53.7.
David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply. Stated; ‘The year ends on a customary, if softer note, as growth remains solid for the remainder of what’s been a good year for manufacturing. The domestic market continues to be the main driver this month, and though the North American and Middle East markets have picked up slightly, this activity was not enough to make a significant contribution.’
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 97.3940.
Indian Rupee (INR) Exchange Rate Strengthens on Manufacturing
The Indian Rupee advanced against many of its major rivals as a result of better-than-expected manufacturing output and falling oil prices. The HSBC Manufacturing PMI advanced from 53.3 to 54.5, trumping expectations of a drop to 51.0.
Pranjul Bhandari, Chief India Economist at HSBC said; ‘Manufacturing activity momentum accelerated to a two year high in December, led by a healthy increase in new orders from both at home and from abroad. A steep rise in new orders from the consumer sector more than offset a slowdown in new order growth from investment goods. In our view, a rise in the latter is critical for a meaningful pick-up in economic growth. In line with falling commodity prices over the last few months, input price inflation was modest, and this trend was also mirrored in output prices. With the disinflationary trend gaining ground, the RBI is expected to find space for some rate cuts in 2015.’
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Dive
Given that there is a complete absence of data to curb the trend, the Pound Sterling to Indian Rupee exchange rate is likely to continue trending lower on Friday.
The Pound Sterling to Indian Rupee exchange rate climbed to a high today of 98.7180.