Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Posts Minor Gains after Mostly Positive BoE Announcement
The Pound Sterling (GBP) has risen by 0.2% against the Indian Rupee (GBP/INR) today, something that has been triggered by the Bank of England’s (BoE) minutes forecasting positive motions for the UK economy in the future.
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Subsequent BoE Announcement may Push Sterling either way against the Rand (GBP/INR) Tomorrow
The Pound (GBP) will be affected tomorrow by an equally important announcement from the BoE – its Inflation Rate estimate for the next 12 months. As per usual, the target has been set for 2%, but anything that predicts an especially quick movement towards this target can only boost support for Sterling on an otherwise sparse data day.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has posted a decline today, just one of many for the flailing British currency.
GBP/INR Exchange Rate News: UK Economic Releases prove a Letdown for the Second Day running
The Pound Sterling (GBP) has dropped by -0.2% against the Indian Rupee (GBP/INR) today, although this is one of the best results on a particularly black day for Sterling speculation. The Pound has either fallen against its rivals today or trended narrowly against them; this comes after the UK annual Manufacturing and Industrial Production results for July both showed that they had fallen below estimates; the UK July Trade Balance variants also all posted in negatives, indicating a widening of the current UK trade deficit.
Among the worst losses for the Pound today were dives of over -0.3% against the US Dollar (GBP/USD), the New Zealand Dollar (GBP/NZD), the Israeli New Shekel (GBP/ILS) and the South African Rand (GBP/ZAR). The worst results so far have been crashes of -0.6% against the Mexican Peso (GBP/MXN) and -1.2% against the Russian Ruble (GBP/RUB).
Indian Rupee to Pound Sterling (INR/GBP) Exchange Rate sees No Movement despite OECD Support
The Indian Rupee (INR) has been in a stalemate with the Pound Sterling (INR/GBP) today, although as this doesn’t indicate a loss, it can be considered a positive for the Indian currency.
The Rupee has been supported in its conversion rate pairings today by an optimistic forecast from the Organisation for Economic Cooperation and Development (OECD), which has stated that ‘In India, the CLI points to firming growth’. However, the organisation also identified that ‘the outlook continues to deteriorate for China, with the CLI pointing more strongly to a loss of growth momentum’. China is of course a key economic partner of India, so the result of these predictions remains to be seen. A dip from almost $46.00 in the price of crude oil yesterday to nearly $45.00 today has also contributed to the Rupee holding its ground against the Pound.
The Rupee has risen by 0.8% against the Euro (INR/EUR) today, but has fallen by -0.7% against the US Dollar (INR/USD).
GBP/INR Exchange Rate Forecast: BoE Decision to Decide Sterling’s Fate Tomorrow
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate will be most immediately affected by the Bank of England’s (BoE) interest rate decision at noon tomorrow. No change is expected to occur in the current rate of 0.50%, but any Pound-positive remarks by policymakers for the decision will have a similar effect to an actual interest rate increase.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 102.0000 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0098 today.