With the appeal of higher-risk and emerging market assets supported by the news that Iran has agreed to reign in its nuclear programme, the Rupee enjoyed an impressive advance against peers like the US Dollar.
The Pound Sterling to Indian Rupee Exchange Rate was in the region of 101.2320 as of 10:25 GMT
The Rupee also strengthened against the Pound and was able to consolidate gains when UK mortgage approval data failed to meet expectations.
According to senior currency strategist Jane Foley; ‘Recent data continued to provide good news about the UK economy and the Pound, but a lot of that has already been in the price. The Pound may need bigger upside surprises in data to move much higher from here.’
The Pound Sterling to Rupee (USD/INR) exchange rate hit a low of 101.0240
After Iran struck a deal the cost of Brent crude oil tumbled 2.2 per cent, a circumstance which could help India narrow its current account deficit. India imports four fifths of its oil requirements, with refiners being the nation’s largest foreign currency buyers.
So, as one Mumbai-based trader highlighted; ‘The Iran deal is a huge boost as our oil costs will come down. The swap-window extension will have a limited, but positive impact on the exchange rate.’
This week the main piece of Indian economic data to look out for is the nation’s GDP figures for the third quarter.
While UK growth, consumer confidence and house price data could also affect the performance of the GBP/INR pairing, significant Rupee volatility is more likely to be inspired by any hints regarding a timeline for tapering quantitative easing in the US.
Current Rupee (INR) Exchange Rates:
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 101.2320 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 84.4071 <
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 62.4400 <
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 57.1841 <
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 51.3070 >
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.1688 <
(Correct as of 10:25 GMT)
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