The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has gradually advanced on Friday. This can be attributed to the bullish US Dollar which makes emerging-market currencies less attractive. The Pound, however, is experiencing changes linked to foreign currency movement as a result of a lack of influential domestic data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.9030.
Yesterday…
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has been trading between a low of 2.0200 and a high of 2.0286 as investors await rate decisions from the Bank of England (BoE) and European Central Bank (ECB).
Minimal movement can be attributed to British reports producing mixed results and to a lack of Indian data to spur changes.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.1040.
Sterling (GBP) Exchange Rate Movement Fractional on Mixed Data.
In anticipation of the BoE rate decision having little impact on the Pound, the British asset encountered passive movement. Compounding the lack of movement has been mixed results from domestic data publications.
The Halifax House Price report recorded sales growth of 8.2% on the year, down from the previous figure but avoiding the market consensus of a drop to 8.0%. On a seasonally adjusted basis, House Prices increased by 0.4% in November, month-on-month. New Car Registrations, however, declined from 14.2% to 8.0%.
‘Receding buyer interest combined with a revival in private housing completions has brought supply and demand into better balance,’ Martin Ellis, housing economist at Halifax, said in a statement. While demand is supported by the strengthening economy, Halifax expects a ‘further moderation in house price growth over the next year’.
Indian Rupee (INR) Exchange Rate Movement Dictated by Foreign Currency Changes.
With global oil prices below $70 a barrel, the Indian Rupee is gradually appreciating. However, a significant upswing has been quashed by a lack of data to support changes. A slightly softer US Dollar has also contributed to the fractional Rupee uptick.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Fluctuate.
Given that there are key decisions to be made by the BoE and the ECB later on Thursday, the currency market is likely to undergo significant changes. Therefore, it is likely that the Pound Sterling to Indian Rupee (GBP/INR) exchange rate will be subject to fluctuation.
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,0.0131,
Indian Rupee,,Pound,0.0103,
Indian Rupee,,Australian Dollar,0.0192,
US Dollar,,Indian Rupee,61.9202,
Euro,,Indian Rupee,77.2227,
Pound Sterling,,Indian Rupee,96.9958,
Australian Dollar,,Indian Rupee,51.8637,
[/table]
