After a number of major central banks were forced to stimulate their respective economies, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 0.11%. Anxieties regarding global economic disparity have weighed on trader risk sentiment, with emerging-market currencies softening as a consequence.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.1750.
Expect volatility for the GBP/INR exchange rate as we approach the publication of British housing data and Indian current account data.
Yesterday…
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 0.45% on Monday afternoon. This is as a result of futures traders speculating that Wednesday’s British Gross Domestic Product data will indicate third-quarter growth. An absence of Indian data, meanwhile, has seen the Rupee subject to changes in foreign currency movement.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 96.9420.
Pound Sterling (GBP) Strengthens on Policy Gap
Despite the fact that the Bank of England have made it clear that they are in no hurry to increase the benchmark interest rate, the fact that they have steered clear of increasing quantitative easing (unlike the European Central Bank and the Bank of Japan) has boosted demand for the Pound.
The policy ‘divergence trade is still very much a strong force’ even as U.K. data ‘has been slightly more mediocre than previously,’ said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London. ‘Sterling will outperform against all the others’ including the Yen and the Euro which are being pulled down by prospects of new stimulus measures, he said.
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 96.4720.
Indian Rupee (INR) Softens on Dollar Demand
India’s currency declined to a three-day low amid speculation that importers increased Dollar purchases to pay bills. ‘The Rupee’s weakness is mainly due to Dollar demand from companies including oil importers,’ said Vikas Babu, a foreign-exchange trader in Mumbai at state-run Andhra Bank.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Trend Higher
With a complete absence of domestic data to curb the trend, the Pound Sterling to Indian Rupee exchange rate is likely to continue trending higher. However, continued issues regarding global oil prices could see the Rupee recover a little from cheap imports.
The Pound Sterling to Indian Rupee exchange rate has reached a high today of 98.0860.
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,0.0130,
Indian Rupee,,Pound,0.0103,
Indian Rupee,,Australian Dollar,0.0187,
US Dollar,,Indian Rupee,61.8600,
Euro,,Indian Rupee,76.8399,
Pound Sterling,,Indian Rupee,97.0659,
Australian Dollar,,Indian Rupee,53.3313,
[/table]
