After Indian economic growth slowed in the third-quarter, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate advanced by around 0.12%. Indian Gross Domestic Product declined from 5.7% to 5.3% fuelling speculation that the Bank of India will have to respond with unconventional methods to stimulate growth.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.3350.
Earlier…
As traders await the Indian growth data, due for publication later on Friday, the Pound Sterling to Indian Rupee (GBP/INR) exchange rate strengthened by around 0.17%. This is despite the fact that British data printed disappointingly.
The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 97.4080.
Pound (GBP) Fluctuates on British Data
Although British economic data printed below expectations on Friday, the Pound has fluctuated against its major peers. This is likely to be attributed to dampened risk sentiment causing traders to avoid emerging market and higher yielding currencies.
The Consumer Confidence Survey was forecast to increase from -2 to -1, but the actual result held firm at -2. ‘The November GfK Consumer Confidence Index came in at -2, unchanged from October, but down from its recent peak of 1 in June and August this year but well above its long run average of -9. The average reading in the GfK series from its 1974 inception to mid-2007, before the credit crisis kicked in, was -6,’ stated MNInews.com.
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 96.9620.
Indian Rupee (INR) Declines ahead of Growth Data
A combination of uncertainties regarding Indian growth and dampened risk sentiment has seen the Rupee soften against most of its currency rivals. Gross Domestic Product is forecast to tick lower from 5.7% to 5.1%. Deposit Growth, Foreign Reserves and Bank Loan Growth will also be of interest to those invested in the Rupee.
Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Soften
Although emerging market currencies are underperforming as a result of a surging US Dollar, the Indian Rupee has the potential to gain if GDP prints positively. This is because crude is continuing to drop after OPEC refrained from taking action to ease the glut, and India will benefit from cheaper imports.
The Pound Sterling to Indian Rupee exchange rate has reached a high today of 97.6580.
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,0.0189,
US Dollar,,Indian Rupee,62.0743,
Euro,,Indian Rupee,77.4341,
Pound Sterling,,Indian Rupee,97.4758,
Australian Dollar,,Indian Rupee,52.8901,
[/table]
