Pound Sterling to Indian Rupee Exchange Rate Forecast: GBP/INR on Bullish Run Today thanks to Hawkish FOMC
Rupee (INR) Dovish after FOMC Hints at 2015 Interest Rate Rise
Sentiment towards the Rupee (INR) took a serious blow overnight when the Federal Open Market Committee (FOMC) made clear that a December interest rate rise was still in consideration. This hawkish tone saw emerging-market currencies shed value across the board, allowing the GBP/INR exchange rate to climb strongly to trend in the region of 99.4180.
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Movement has been relatively limited on the GBP/INR exchange rate today as traders await the latest Federal Open Market Committee (FOMC) Rate Decision.
Pound (GBP) Dovish after UK GDP Demonstrated Slowed Economic Growth
Tuesday saw the Pound (GBP) soften significantly against rivals as the third quarter UK GDP report proved underwhelming. Economic growth slowed both on the quarter at 0.5% and on the year at 2.3%, indicating that the domestic recovery remains more fragile than pundits would like. While the service sector continued to expand the construction industry saw a particularly severe contraction of -2.2%. As concerns are rising that economic progress remains unbalanced, the prospect of a nearer-term Bank of England (BoE) interest rate hike has diminished further, with economists inclined to dial back their predictions for when the first move on monetary tightening might come.
Indian Rupee Currency News: INR Softens ahead of FOMC Rate Decision Today
Ahead of the Federal Open Market Committee (FOMC) Rate Decision, the GBP/INR exchange rate has begun to regain lost ground, in spite of previous weak US data having helped to shore up the emerging-market currency. As the odds of imminent monetary tightening from the Fed, and the resultant strengthening of the US Dollar (USD), have dwindled the outlook of the Rupee (INR) has seen something of an improvement. However, as the end of the month approaches the strength of the Rupee has been undermined by increased domestic demand for the ‘Greenback’ amongst importers
GBP/INR Exchange Rate Forecast: Pound may Extend Gains on Strong UK Mortgage Approvals Data
Increased volatility should be in store for the GBP/INR exchange rate over the coming days, with Sterling hoping to strength on Thursday’s raft of UK data. Nationwide House Prices are expected to hold steady on the year, while Mortgage Approvals for September are forecast to see a minor uptick. Potentially shoring up faith in the continued strength of the domestic housing market these could prompt a rally for the Pound, provided sentiment does not remain overly weighed down by the disappointing GDP figure.
While the Rupee is likely to see little movement on domestic data ahead of the weekend, Monday’s Manufacturing PMI may set the currency on a renewed downtrend, with pundits anticipating that output within the sector will have fallen on the month in October. Prior to that, further US data may influence the appeal of the Rupee.
Current GBP, INR Exchange Rates
At time of writing, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending narrowly around 99.6420, while the Indian Rupee to Pound Sterling (INR/GBP) pairing was static at 0.0100.