After the Reserve Bank of India opted to keep their benchmark rate on hold, the Pound Sterling to Indian Rupee declined by around -0.11%. Whilst traders await British construction data, the Pound is subject to changes in foreign currency movement.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.3290.
India’s central bank kept its cash rate unchanged on Tuesday despite mounting speculation regarding monetary policy easing. ‘A change in the monetary policy stance at the current juncture is premature,’ the bank said in a statement after its regular monetary policy review.
Yesterday…
Despite a cooling US Dollar and soft oil prices supporting the Indian asset, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate edged higher. This can be attributed to better-than-expected British manufacturing output.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.3520.
Four-Month High UK Manufacturing sees Sterling (GBP) Strengthen
The UK Manufacturing PMI eclipsed the median market consensus of a drop from 53.3 to 53.0, with the actual result advancing to 53.5. ‘The news on the domestic front was especially positive, with solid new order inflows from the UK market the main pillar supporting the expansion. This in turn encouraged manufacturers to raise employment at the fastest pace in four months,’ stated Rob Dobson, Senior Economist at survey compilers Markit.
Compounding the Pound Sterling uptrend are better-than-forecast results from Mortgage Approvals and Net Consumer Credit.
The Pound Sterling to Indian Rupee exchange rate dropped to a low today of 96.7900.
India Manufacturing Bolsters Rupee (INR) Gains
India’s manufacturing improved for the thirteenth consecutive month, allowing the Rupee to advance against the majority of its most traded currency competitors. The HSBC Manufacturing PMI increased from 51.6 to 53.3, despite the market consensus of a drop to 51.2.
Pranjul Bhandari, Chief India Economist at HSBC said; ‘Manufacturing activity accelerated further in November led by higher output and new orders. Domestic orders saw the biggest increase, even as new export orders continued to be strong. The sharp rise in input prices was surprising, but future prints may be lower as falling commodity prices eventually lead to softer intermediate good prices.’
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Strengthen
Although a softer US Dollar and falling oil prices support the Indian Rupee, the Pound Sterling has more room to strengthen given its general downtrend over the course of last week. Therefore, it is likely that the GBP/INR exchange rate will advance.
The Pound Sterling to Indian Rupee exchange rate has climbed to a high today of 97.5260.
Indian Rupee (INR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Indian Rupee,
,US Dollar,0.0161,
Indian Rupee,,Euro,0.0129,
Indian Rupee,,Pound,0.0102,
Indian Rupee,,Australian Dollar,0.0190,
US Dollar,,Indian Rupee,62.0497,
Euro,,Indian Rupee,77.3577,
Pound Sterling,,Indian Rupee,97.5400,
Australian Dollar,,Indian Rupee,52.6395,
[/table]
