Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Rises despite Shortfall in UK Retail Sales Figures
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has increased since earlier, with an advance of 0.6%.
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Sterling Stands to Extend Its Lead if UK Results show Debt Decrease
The Pound Sterling (GBP) rose further against the Rupee (GBP/INR) today, after the UK monthly and yearly Retail Sales figures for July came in positive, indicating growth for the UK economy. Although the results didn’t exceed predictions by either meeting or printing beneath estimates, the growth was still enough to boost the Pound’s performance.
Sterling is set to further its gains tomorrow if forecasts for the UK Public Finances and Public Sector Net Borrowing figures are accurate; a -£2.8bn drop in the latter figure is expected, although no predictions have been made for the former.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has risen considerably since yesterday in the wake of the Federal Open Market Committee (FOMC) minutes being released.
Sterling Stands to Further Dominate Rupee if Retail Sales Forecasts Ring True
The Pound Sterling (GBP) has gained by 0.4% against the Indian Rupee (GBP/INR) today, and may further expand this advantage later on. This reversal of yesterday’s downtrend is due to the FOMC minutes showing relatively positive attitudes towards a US interest rate hike in the future, something that has meant bad news for the emerging-market Rupee (INR). The extent of the negative impact of the rising ‘Greenback’ (USD) can be seen in the price of oil; although the Rupee (INR) typically soars when the price of oil drops, despite crude oil falling below $41.00 today (it’s lowest price in 6 years), the Rupee has fallen against the ‘Greenback’ (INR/USD) by -0.7%.
If the UK monthly and yearly Retail Sales figures for July (released later today) come in with their forecasted increases, the Pound is likely to expand its current gains against the Rupee considerably.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has become a shadow of its former self, dropping from yesterday’s high of 102.7241 down to 102.0496.
Pound Rises Elsewhere but cannot Manage Encore Performance in GBP/INR Pairing
The Pound Sterling (GBP) has fallen by -0.4% against the Indian Rupee (GBP/INR) today, as the upsurge in performance seen yesterday has decreased significantly. In spite of this, the Pound has fared well elsewhere, rising by over 0.3% against the New Zealand Dollar (GBP/NZD), the Swedish Krona (GBP/SEK) and the Norwegian Krone (GBP/NOK). The greatest gain for the Pound has been by 1.3% against the Turkish Lira (GBP/TRY). Among the Pound’s other losses were a drop of -0.3% against the Czech Koruna (GBP/CZK) and a larger loss of -0.7% against the Swiss Franc (GBP/CHF).
The UK had no major economic data releases today, so the decline since yesterday is interpreted as a more level-headed reaction to the UK inflation rate increasing by 0.1%. Although this matches Bank of England (BoE) Monetary Policy Committee (MPC) statements, such a marginal increase is still not a firm assurance of a UK bank rate hike within 12 months.
Indian Rupee Flat across the Board as Moody’s Lowers Indian GDP Forecast
The Indian Rupee (INR) has made no movement against the Pound Sterling (INR/GBP), the US Dollar (INR/USD) or the Euro (INR/EUR) today, as Moody’s Investors Service dropped their prediction for the country’s annual GDP from 7.5% down to 7% yesterday. This was due to a disappointing result so far in Indian’s Monsoon Season, with recorded levels of rainfall lower than anticipated. As a strong agricultural exporter, Indian is heavily reliant on its seasonal deluges, and any setbacks in crop production has the add-on effect of reducing confidence in the Rupee’s global value.
The Met Office has forecast a -16% deficiency in the level of rainfall for the rest of August and September, so the Rupee is unlikely to make any major headway against the Pound until this factor is removed from the financial equation later in the year.
GBP/INR May Rise if FOMC Minutes and UK Retail Sales Prove Positive
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is likely to gain in the following days if the UK annual Retail Sales figures for June print as expected. The Pound also stands to advance against the Rupee (INR) if the US Federal Open Market Committee minutes show bullish opinions during the FOMC’s meetings last month, as any support for higher US borrowing costs equates to a lack of support for emerging-market currencies like the Rupee.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 102.1800 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0098 today.