With mounting concern that China face economic turmoil amid yet more policy loosening, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate edged fractionally higher. This is due to traders adopting risk aversion strategies thanks to a disappointing Chinese Industrial Profits print. The Pound, meanwhile, is subject to foreign currency movement as a result of a lack of meaningful data.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.5460.
Yesterday…
After British growth data met with expectations, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate strengthened by around 0.27%. The Indian Rupee, meanwhile, has avoided a large declination as a result of futures traders speculating that oil prices will stay low for some time to come.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.2050.
Pound Sterling (GBP) Gradually Gains on Mixed Data
With UK Gross Domestic Product data meeting with the median market forecast, the Pound has slowly strengthened against the majority of its most traded rivals. The preliminary figures for third-quarter yearly GDP showed 3.0% growth, meeting with the market consensus. On a quarterly basis, UK GDP increased by 0.7%.
‘On the surface GDP looks OK, with growth unrevised at +0.7% quarter-on-quarter…. but the details are not good outside of the services sector’s growth of 0.8%, revised up from a preliminary reading of 0.7%,’ stated Marc Ostwald of ADM Investor Services.
However, domestic data regarding imports and exports indicate the potential for future British trade balance issues. Imports rose beyond expectations from -0.3% to 1.4%, and exports declined by -0.4% despite expectations of a -0.1% declination.
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 96.9490.
Indian Rupee (INR) Strengthens on Oil Prices
The Indian Rupee has gained against many of its most traded competitors as a result of historically low oil prices. ‘If OPEC does not cut production, then Brent would come under further pressure, possibly falling closer to $60-$70,’ Abhishek Deshpande, an oil markets analyst at London-based Natixis, said by e-mail.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Fluctuate
With the Bank of India Current Account and UK Reported Sales data due for publication, the GBP/INR exchange rate is likely to fluctuate.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 97.3290.
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,0.0186,
US Dollar,,Indian Rupee,61.9851,
Euro,,Indian Rupee,77.7547,
Pound Sterling,,Indian Rupee,97.1004,
Australian Dollar,,Indian Rupee,52.7299,
[/table]
