Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Remains Down as Despite Rise in US House Prices
The Pound Sterling (GBP) has fallen by -0.3% against the Indian Rupee (GBP/INR) today, despite the US monthly House Price Index for July posting a 0.6% increase over a predicted 0.4%.
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Fed’s Lockhart Speech Tonight may Invigorate US Dollar (USD) enough to Trigger Rupee (INR) Downtrend
The Pound Sterling’s (GBP) currently disadvantageous performance against the Indian Rupee (GBP/INR) may be reversed tonight when Fed Bank of Atlanta President Dennis Lockhart gives a speech on the US economy in Alabama. Lockhart has been hawkish recently, therefore any further indications or implications that a US rate rise could still take place before the end of the year are likely to boost the US Dollar’s (USD) value; this is conversely expected to soften the Rupee (INR), allowing the Pound to take the lead in the pairing.
The Pound Sterling (GBP) has fallen by –0.2% against the Indian Rupee (GBP/INR) today, just one of a number of losses for Sterling today following the release of this morning’s UK borrowing figures.
US Housing Data may Push Sterling up against the Rupee (GBP/INR) if Predictions prove Accurate
The Pound Sterling (GBP) has the potential to reverse its current downtrend against the Indian Rupee (GBP/INR) later today after the US House Price Index for July comes out. Forecasts have the figure rising from 0.2% to 0.4%; this coupled with recent optimistic Fed comments could prove to be the undoing of the Rupee’s (INR) current advantage in the pairing.
The Pound’s decline today has been caused by an expansion of UK debt; this was highlighted by the Public Sector Net Borrowing figures for August exceeding expectations to show a greater debt growth than had been forecast.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has declined today thanks to optimistic speculation over the Rupee (INR), but the Pound (GBP) has soared elsewhere thanks to Chancellor George Osborne’s actions on a current visit to China.
GBP/INR Exchange Rate News: Osborne Solidifies UK’s Ties to China, Granting Sterling Wave of Support
The Pound Sterling (GBP) has fallen by -0.3% against the Indian Rupee (GBP/INR) today, although this has been one of comparatively few losses for Sterling. On the negative side of things, the Pound has dropped by -0.4% against the Russian Ruble (GBP/RUB) and the Turkish Lira (GBP/TRY), but has conversely risen by over 0.9% against the Singapore Dollar (GBP/SGD), the South African Rand (GBP/ZAR) and the New Zealand Dollar (GBP/NZD). Sterling’s greatest advance has been by 1.7% against the Hungarian Forint (GBP/HUF).
The Pound has been supported most strongly today by the news coming out of China that Osborne has been able to reach 53 economic agreements with China during the UK-China Economic and Financial Dialogue today. The most notable of these have been a £2bn investment in the construction of Hinkley Point C nuclear power station, a £50m nuclear joint-research centre in the UK and an agreement from the People’s Bank of China (PBoC) to issue Renminbi, or Chinese Yuan (CNY), bonds in London, the first such move for the PBoC.
Rupee Holds Fast against Sterling (INR/GBP) as Indian Finance Minister gives Highly Optimistic Growth Forecast
On a day focused around finance ministers, India’s own Arun Jaitley has boosted the Indian Rupee (INR) considerably by offering an extremely positive expectation for the country’s GDP in the coming year. Speaking at the APIC-India Capital Markets and Institutional Investors Summit, Jaitley said ‘Certainly, I think international investment is going to be a great source of resource for us and with all these economic activities planned, even in the midst of a somewhat gloomier global situation, I think India has the potential to stand out as a relative brighter spot. We grew by 7.3% last year and I hope that we are able to outperform last year’s growth numbers.’
The Rupee has risen by 0.8% against the Euro (INR/EUR) today and has held steady at 0% against the Pound Sterling (INR/GBP) and the US Dollar (INR/USD).
GBP/INR Exchange Rate Forecast: Economic Data is Scarce this Week; Sterling Damage possible from UK Spending Figures
The Pound Sterling (GBP) has the bulk of its economic releases due tomorrow, but speculators may not be eagerly anticipating the results. The UK Public Finances and Public Sector Net Borrowing results are out and for the latter field an £8.8bn increase has been predicted.
India has a single result due this week, Foreign Reserves figures for the period to September 18th. A ‘marginal’ reduction of -0.69bn Rupees has been predicted, although oil price dips and next week’s Reserve Bank of India (RBI) interest rate decision are likely to have a greater impact than this information.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 102.0400 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0098 today.