The Pound Sterling to Indian Rupee (GBP/INR) exchange rate softened by around -0.28% on Thursday. This can be attributed to sustained demand for emerging-market assets whilst the Federal Reserve delay rate hikes until mid-2015. The Pound, meanwhile, is generally trending higher after positive unemployment data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 98.5120.
Yesterday…
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate dived by around -0.62% on Wednesday. This can be attributed to the Reserve Bank of India selling US Dollars. The Pound, however, is generally trending higher against its major peers after unemployment remained unchanged and wages registered modest growth.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 99.5470.
Sterling (GBP) Exchange Rate Stutters on Mixed Data
After British economic data produced mixed results on Wednesday, the Pound softened against many of its major peers. An increase in Average Weekly Earnings and a decline in Claimant Count Rate were offset by unchanged unemployment, an increase in Jobless Claims Change and a slight uptick in Employment Change.
Despite the generally negative data, the Pound has avoided significant declination as a result of the minutes from the Bank of England’s most recent policy meeting. Many traders speculated that the hawkish dissenters would change their view amid inflationary concerns, but the pro-rate hike policymakers stood firm behind their opinions.
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 99.6500.
Rupee (INR) Exchange Rate Strengthens on Dollar Sales
After India’s central bank sold US Dollars the Rupee gained against many of its most traded rivals. Compounding the Rupee’s appreciation is continued declination in global oil prices.
‘Some nationalized banks were selling Dollars, perhaps on behalf of the central bank, and that arrested the fall in the currency,’ said Paresh Nayar, head of currency and money markets at FirstRand Ltd. in Mumbai. ‘Apart from that, there were exporters who took advantage of the weaker Rupee to sell Dollars.’
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Soften
With the most recent British labour market data outlining continued issues within the sector, the Pound is likely to continue trending lower against its most traded currency competitors. The Rupee, however, is unlikely to decline heavily amid low oil prices. With that being said, if the Federal Open Market Committee act hawkishly, emerging market currencies will soften under the weight of a surging US Dollar.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 100.5500.
