Despite the fact that British economic data printed disappointingly on Friday, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate strengthened by around 0.15%. This is likely to be attributed to traders awaiting the Indian growth data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.4350.
British economic data printed disappointingly, causing the Pound to soften against many of its major peers. Consumer Confidence failed to rise as economists’ had predicted, and Nationwide House Prices declined.
The Indian Rupee, meanwhile, has softened as traders await Gross Domestic Product data, which is forecast to cool.
Yesterday…
After crude oil fell to a fresh four-year low on Thursday, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate softened fractionally. A singular positive British data publication, meanwhile, has had minimal impact on Sterling movement.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.4420.
Pound Sterling (GBP) Movement Dictated by Foreign Currency Changes
The solitary British economic data publication on Thursday has had minimal impact on Sterling movement. Therefore the Pound has been subject to changes in foreign currencies. The Lloyds Business Barometer increased from 35 to 42 in November.
‘The Lloyds Business Barometer for November shows firms’ faith in the recovery rose again, although economic optimism remains lower than the average of the first nine months of the year, suggesting growth prospects are weaker,’ stated MNInews.com.
The Pound Sterling to Indian Rupee exchange rate has fallen to a low today of 97.0940.
Low Oil Prices Boost Indian Rupee (INR)
As one of the largest importers of crude oil, India benefits from lower prices. Brent and West Texas Intermediate crudes declined to the lowest price in over four years amid speculation that OPEC will avoid cutting production limits.
‘It looks like they will not cut. We’re starting to price that in now,’ Olivier Jakob, managing director of researcher Petromatrix GmbH, said by phone from Paris. ‘The impression is that OPEC needs to withstand lower prices for a little while in order to stabilize the market.’
Pound Sterling to Indian Rupee (GBP/INR) Forecast to Fluctuate
With uncertainties surrounding OPEC’s meeting in Vienna on Thursday, the Pound Sterling to Indian Rupee exchange rate is likely to be subject to fluctuation. Should OPEC opt to make strides towards rebalancing the oil market, the Rupee is likely to soften against its major peers.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 97.8870.
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,0.0102,
Indian Rupee,,Australian Dollar,0.0188,
US Dollar,,Indian Rupee,61.8295,
Euro,,Indian Rupee,77.1708,
Pound Sterling,,Indian Rupee,97.4335,
Australian Dollar,,Indian Rupee,53.0015,
[/table]
