Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Dives after Rising Yuan and Falling Oil Prices Restore Confidence in Rupee
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has fallen considerably today, as a pair of factors combined to push the Rupee (INR) higher against its rivals.
If you're looking to make an international money transfer, we recommend TorFX.
Record Lows for Crude Oil and Positive PBoC Decision Levels INR/GBP Exchange Rate
The Pound Sterling (GBP) has fallen considerably against the Indian Rupee (GBP/INR) today, seeing a -0.4% decline. This comes as the Rupee (INR) was boosted by a supportive measure from China. The People’s Bank of China (PBoC) decided to raise the Chinese Yuan’s (CNY) value by 0.05% today, a small amount, but nonetheless a sign of returning growth for the Chinese economy. Elsewhere, the prices of crude oil have also been supportive to the Rupee, as today they dropped to $42 a barrel, a low not seen since 6 years ago. The Rupee has gained by 0.7% against the US Dollar (INR/USD) and the Euro (INR/EUR) today, but has trended narrowly against the Pound Sterling (INR/GBP).
The UK monthly and yearly Construction Output figures for June (released today) failed to support the Pound’s performance, as while they both showed growth, the results fell short of forecasts.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has risen today, although the Pound’s (GBP) gains are significantly less than yesterday’s 1% advance.
Indian Rupee (INR) Improves overall after Yuan (CNY) Devaluation is Decreased
The Pound Sterling (GBP) has risen against the Indian Rupee (GBP/INR) today by 0.2%; while this is a gain for the Pound, it is a -0.8% drop compared to yesterday’s high of 1%. This has been caused by the actions of the People’s Bank of China (PBoC); for the third day running, they have devalued the Chinese Yuan (CNY), although unlike the -1.9% fall that was introduced on Tuesday, today has seen the PBoC lower the Yuan’s value by -1.1%, a significantly smaller amount. This move has restored hope that the Yuan will regain its former value in the near-future, and the Rupee’s (INR) performance reflects this accordingly.
Although the Rupee has fallen by -1% against the Pound Sterling (INR/GBP), it has levelled out against the Euro (EUR/USD) and the US Dollar (INR/USD) and is now trending narrowly against both currencies.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has risen considerably today, although the Pound has had a less-than stellar relationship in other currency pairings.
Pound Sterling to Indian Rupee Exchange Rate News: GBP/INR increases as Pound Sterling Stumbles after Massive UK Job Loss
The Pound Sterling (GBP) has risen against the Indian Rupee (INR) by 1% today, although significant losses and gains elsewhere came after UK Employment data failed to meet expectations. The Pound fell by -1.1% against the Euro (GBP/EUR), the Polish Zloty (GBP/PLN) and the Hungarian Forint (GBP/HUF) and saw a worse loss of -1.5% against the Swiss Franc (GBP/CHF). However, the Pound has also made a major gain of 1.2% against the Chinese Yuan (GBP/CNY) and advanced by 2.2% against the Russian Ruble (GBP/RUB).
The negative performance of the Pound today has been caused by the results of the UK Employment Change for the three months to the end of June and the yearly Average Weekly Earnings figure for the same period. The former result showed a -63K loss of UK jobs, while the latter recorded a 2.4% increase. The former result was forecast to be less, while the latter was predicted to have come in higher; although the Jobless Claims Change for July posted a -4.9K decrease, this failed to make up the difference against the discouragement caused by the much larger reduction in employed persons.
Indian Rupee to Pound Sterling (INR/GBP) Exchange Rate Dives as Low Chinese Yuan (CNY) Concerns Persist
The Indian Rupee (INR) has fallen considerably today, after a second day of facing the devalued Yuan (CNY) has sent the Rupee tumbling against its major rivals. The extent of the damage caused by the sudden lowering of the Yuan’s value by the People’s Bank of China (PBoC) was obvious today after several Indian data releases; the yearly Industrial and Manufacturing Production figures for June both came in above forecasts, but this failed to better the Rupee’s fortunes. Also weighing on the Rupee was the fact that the annual Indian Inflation Rate figure for July fell from 5.4% down to 3.7%; this may be within the Reserve Bank of India’s (RBI) target of 4% (with 2% either way), but an unplanned drop in inflation is associated with falling incomes and employment, so the RBI are unlikely to view the drop with any degree of complacency.
The Indian Rupee fell by 1% against the Pound Sterling (INR/GBP) today, has posted a loss of -1.3% against the US Dollar (INR/USD) and has fared the worst against the Euro (INR/EUR), seeing a -2.1% decline.
Pound Sterling to Indian Rupee Exchange Rate Forecast: Continued PBoC Interference may Keep GBP/INR Lower
The Pound Sterling (GBP) is unlikely to reverse its current trend against the Rupee (INR) this week, unless the PBoC decide to make an equally dramatic raising of the Yuan’s (CNY) value before Friday. The Indian yearly Wholesale Price Inflation figure for July is due on Friday and although a marginal reduction is forecast, this may not be enough to reverse the Pound’s current gains. The UK annual Construction Output result for June is also out on Friday, and forecasts have been highly optimistic, predicting a 3.3% increase over the previous figure of 1.3%.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 101.2000 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0099 today.