After Brent reached a weekly high the Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 0.34% on Monday. A lack of influential British data has seen the Pound struggle against many of its major peers, however. The Indian Rupee, meanwhile, has suffered losses thanks to a complete absence of domestic data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.7280.
Lack of Data Hurts Sterling (GBP)
A distinct lack of British economic data on Monday has seen the Pound struggle against many of its most traded currency rivals. The Lloyds Employment Confidence has had little impact on the asset. as employment confidence doesn’t tend to influence wider market movement.
The Pound has also lost a little ground after Prime Minister David Cameron called for changes in Britain’s relationship with the European Union. ‘Britain’s future in Europe matters to the country,’ he said. ‘It is not working properly… and that is why we need to make changes.’
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 97.4510.
Oil Prices Rise, Rupee Falls (INR)
Brent crude oil increased to the highest in a week after Chinese exports eclipsed economists’ forecasts. In addition, West Texas Intermediate gained in New York. ‘China is importing more raw materials,’ Thina Saltvedt, an oil analyst at Nordea Bank AB, said by phone from Oslo today. ‘More activity, more exports, mean more demand for energy and oil.’
‘Futures climbed as much as 1.7 percent in London. China’s overseas shipments grew by more than estimated for a fourth consecutive month in October, customs administration data showed Nov. 8. Kuwait’s oil minister said he doesn’t expect OPEC to trim production at the group’s next meeting in Vienna Nov. 27,’ stated Ben Sharples, writing for Bloomberg.
Pound to Indian Rupee (GBP/INR) Exchange Rate Forecast to Strengthen
With a complete absence of Indian economic data on Tuesday, the GBP/INR exchange rate is likely to hold in its current position. Continued improvement in global oil prices will also see the Indian Rupee depreciate against the majority of its most traded currency rivals.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 97.9800.
UPDATE
GBP/INR Exchange Rate Holds Advance on Oil Prices
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.6490.
With global oil prices reaching a weekly-high, the Indian Rupee has declined against the majority of its most traded currency competitors. ‘We are seeing some better-than-expected Chinese economic growth numbers,’ said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. ‘Chinese oil imports are up and that’s kind of easing concerns about global demand. You are seeing a little bit of geopolitical risk come back in the market.’
In addition, as traders revise the US Dollar downtrend on unjustified declination, emerging market currencies have depreciated.
UPDATE
GBP/INR Exchange Rate Strengthens on British Data
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.5590.
On Tuesday morning, the Pound has advanced against many of its major peers thanks to better-than-expected retail sales. The BRC Sales Like-For-Like eclipsed the median market forecast of an increase from -2.1% to -0.5%, with the actual result reaching the flat line figure 0.0%.
David McCorquodale, head of retail at KPMG, said in a BRC statement; ‘…Sadly, this warmer weather has left many fashion retailers with a substantial stock overhang, raising the question of earlier and deeper discounts as we get closer to Christmas. Retailers need a nippy November to help them sell their winter stock before the season’s out.’
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,0.0162,
Indian Rupee,,Euro,0.0130,
Indian Rupee,,Pound,0.0102,
Indian Rupee,,Australian Dollar,0.0187,
US Dollar,,Indian Rupee,61.5060,
Euro,,Indian Rupee,76.7544,
Pound Sterling,,Indian Rupee,97.7674,
Australian Dollar,,Indian Rupee,53.2751,
[/table]
