As traders prepare for the British Gross Domestic Product data, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate is holding relatively steady. Positive British growth would see Sterling rebound from Tuesday’s slump after Bank of England Governor Mark Carney made dovish comments regarding monetary policy.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.1440.
The Bank of India Current Account data may provoke Rupee volatility after having been delayed from Tuesday. If the US Dollar continues to trend lower the Rupee will find support and has the potential to advance against its most traded rivals.
Yesterday…
Despite less-than-ideal British data on Tuesday, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate is trending in a narrow range. With trader risk aversion strategies dictating the currency market, the Rupee is generally softer against its major peers.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.0400.
Pound Sterling Exchange Rate Trending Lower on Disappointing Data
Tuesday’s British economic data has printed below expectations, causing the Pound to soften against the majority of its most traded currency rivals. Loans for House Purchase data was forecast to drop from 39,271 approvals to 38,500, but the actual result fell to 37,076. The large drop shows approvals at their weakest since May 2013, a declination of around 10,000 approvals per month since January 2014.
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 96.8330.
Indian Rupee (INR) Struggles against Risk Aversion
With many major central banks resorting to expansive measures in order to shore up sluggish economic growth, trader risk sentiment has cooled significantly. As an emerging-market currency, the Indian Rupee has softened against the majority of its most traded currency competitors.
Indian data due for publication later on Tuesday morning, however, has the potential to provoke Rupee volatility. The Reserve Bank of India Current Account is forecast to tick lower from -7.8 billion to -8 billion.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Fluctuate
With the Bank of England Governor Mark Carney currently giving a speech in London, potential for Sterling volatility is heightened. Any dovish tone will send Sterling sliding and, conversely, any hawkish comments will present a good platform for the Pound to advance. The Indian Current Account data also has the potential to ignite changes in the GBP/INR exchange rate.
The Pound Sterling to Indian Rupee exchange rate has climbed to a high today 97.2480.
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,0.0189,
US Dollar,,Indian Rupee,61.8654,
Euro,,Indian Rupee,76.9638,
Pound Sterling,,Indian Rupee,96.9716,
Australian Dollar,,Indian Rupee,52.8671,
[/table]
