After the Bank of England opted to hold the benchmark interest rate the Pound Sterling to Indian Rupee (GBP/INR) exchange rate declined by around -0.35%. An absence of Indian data and cautious trading hasn’t been enough to hold the GBP/INR exchange rate. Additional Rupee gains can be attributed to the continued cooling in global oil prices and the cheap imports the low prices present.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.6520.
Pound Decline Initiated by Poor Data
British economic data has produced reasonably disappointing results on Thursday. The Halifax House Price index declined from 0.4% to -0.4%. Industrial Production decreased from 2.2% to 1.5% on an annual basis, and Manufacturing Production cooled from 4.0% to 2.9%.
Dovish BoE Extend Sterling Losses
Bank of England policymakers met to make their decision on the benchmark interest rate on Thursday. The policymakers chose to keep the historic low of 0.5% in place, fuelling speculation that rate revisions will be delayed for the foreseeable future. In addition, the BoE opted to keep quantitative easing at £375 billion. This has been considered particularly dovish considering the Federal Reserve just ended their long period of QE.
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 97.6520.
Oil Decline sees Indian Rupee Gain
‘Shale oil drillers will be hurt by the fall in crude prices before members of OPEC because their costs are higher. As much as 50 percent of tight oil output will be out of the market at current prices,’ writes Maher Chmaytelli, a journalist for Bloomberg. As one of the foremost crude oil importers, India has benefitted from cheaper prices.
Pound to Indian Rupee Exchange Rate Forecast to Decline
With mounting negative sentiment towards the Bank of England, it is unlikely that the Pound will make a quick recovery. Additionally, if crude oil continues to trend in a bear market the Indian Rupee will hold gains against many of its most traded currency competitors.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 98.2160.
GBP/INR Exchange Rate Gradually Strengthens on USD Uptrend
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.4530.
As traders await Friday’s British economic data, the Pound is generally holding steady against the majority of its most traded currency competitors. Trade Balance data has the potential to stoke volatility for the Pound.
With futures trader making bets on positive US labour market data on Friday, the US Dollar has surged against many of its major peers. As an emerging market currency, the Indian Rupee has declined as a result of a stronger US Dollar.
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,0.0162,
Indian Rupee,,Euro,0.0131,
Indian Rupee,,Pound,0.0102,
Indian Rupee,,Australian Dollar,0.0189,
US Dollar,,Indian Rupee,61.4499,
Euro,,Indian Rupee,76.2752,
Pound Sterling,,Indian Rupee,97.4639,
Australian Dollar,,Indian Rupee,52.7332,
[/table]
