With Bank of England officials voicing concern over the possibility of UK disinflation, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate declined by around -0.18% on Tuesday morning. The Consumer Price Index is forecast to hold at 1.2%, but the data is of particular importance given the BoE’s refusal to increase rates until inflation rises.
A complete absence of domestic data will see the Indian Rupee subject to foreign currency movement. However, whilst crude continues to trade in a bear market, the Rupee will appreciate as a result of cheaper imports.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.4830.
Yesterday…
In the wake of improved Indian trade data and renewed declination in oil prices, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate dived by around -0.41%. Meanwhile, mixed housing data has seen the Pound soften against many of its major peers.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.4590.
Sterling (GBP) Softer on British Data
British house price data on Monday has produced mixed results, aiding a Sterling downtrend and compounding losses racked up last week. Year-on-year Rightmove House Prices increased from 7.6% to 8.5% but declined from 2.6% to -1.7% on a monthly basis.
Eddie Ellis, Director of JP & Brimelow in Chorlton, Manchester, commented; ‘Although stock is down on last year in Chorlton, the number of sales is up, especially family homes. We sold eight houses in the first three days back after New Year in 2014 so there are clearly motivated movers who are ready to jump into action post-Christmas.’
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 96.3130.
Rupee (INR) Advances on Trade Balance
Monday’s Indian data has printed relatively positively, allowing a Rupee uptrend. Balance of Trade increased from $-14.25 billion to $-13.35 billion. The improvement in trade balance is likely to be as a result of rapidly falling oil prices which have made importing far cheaper.
‘It’s possible that even with an OPEC production cut there won’t be an immediate increase in prices,’ Tim Evans, an energy analyst at Citi Futures Perspective in New York said. ‘It sometimes takes time for the supertanker that is the oil market to switch direction.’
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Soften
With a complete absence of further domestic data to curb the trend, the Pound Sterling to Indian Rupee exchange rate is likely to continue trending lower on Monday.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 97.0970.
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,0.0103,
Indian Rupee,,Australian Dollar,0.0185,
US Dollar,,Indian Rupee,61.7535,
Euro,,Indian Rupee,77.1872,
Pound Sterling,,Indian Rupee,96.6273,
Australian Dollar,,Indian Rupee,53.9389,
[/table]
