Although the Rupee posted modest gains against several of its peers as trade began this morning, the Indian currency pared its advance against the US Dollar and dipped against the Pound as trade continued.
The Pound Sterling to Indian Rupee Exchange Rate was in the region of 59.2270 as of 13:00 GMT
Last week the Rupee broadly softened, notably hitting a record low of 60.73 against the US Dollar. However better-than-expected Indian current account deficit data has seen the Rupee strengthen since Friday.
As the local session began today the Rupee briefly achieved 59.18 per US Dollar but in the wake of foreign banks and oil marketing companies buying up Dollars the Rupee fell back to trade in the region of 59.6350 US Dollars.
The GBP/INR exchange rate hit a low of 89.8674
The Rupee lost ground against the Pound after construction sector PMI climbed to 51.0 last month from 50.8 in May. While the rate of expansion wasn’t as high as the 51.2 level forecast, it was still positive news for the UK and supported Sterling against its rivals.
According to recent reports, Indian policy makers are attempting to stem the Rupee’s declines by deterring citizens from buying gold. Previous attempts to halt the Rupee’s fall through selling dollars failed to have the desired effect.
As stated by strategist Manik Narain: ‘Policy makers have been resorting to persuasive techniques to stem the Rupee’s fall, while much bolder, reformist steps need to be taken. There is a real worry among foreign investors that the government will implement meaningful reforms only glacially ahead of elections next year.’
Additional movement in the GBP/INR pairing is likely to result from tomorrow’s UK services PMI report.
US news, Friday’s employment data in particular, and central bank rate decisions in the UK and Eurozone is also expected to impact the currency market.
Current Rupee (INR) Exchange Rates
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 90.5438 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 77.6752 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.6450 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 54.6766 <
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 46.4990 >
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 56.6315 >
(Correct as of 13:00 GMT)
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