The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has trended narrowly today after yesterday’s UK Retail Sales rally faded out this morning.
GBP/INR Exchange Rate News: Chinese State Visit Continues Today, Sterling Trends Narrowly against EUR, USD
The Pound Sterling (GBP) has made mostly poor movement today, sliding against commodity and emerging-market currencies and making small gains against other commodity-based rivals. Rises for the Pound have been made up a slight advance against the Indian Rupee (GBP/INR), more than 0.3% against the Israeli New Shekel (GBP/ILS) and the Swedish Krona (GBP/SEK) and 0.5% against the Norwegian Krone (GBP/NOK). On the other hand, GBP declines have been -0.4% against the Hungarian Forint (GBP/HUF) and -0.7% against the Australian Dollar (GBP/AUD) and the Russian Ruble (GBP/RUB).
Although the Pound rose spectacularly yesterday due to the Retail Sales figures for September exceeding forecasts, today has seen no UK data out and as such the only further developments that can continue to influence the Pound are likely to come from Chinese President Xi Jinping striking any further deals with the UK government over China’s investments.
Indian Rupee sees No Movement against Major Rivals Today as Indian Data gives no Impetus
The Indian Rupee (INR) has made no progress against any of its notable competition today, hitting a flat 0% against the Pound Sterling (INR/GBP), the Euro (INR/EUR) and the US Dollar (INR/USD).
The only Indian data of the week has come today with India’s Foreign Reserves results for October 16th, which rose marginally from $353.07bn to $353.53bn. Most recently, the Indian economy has been supported by the news that Moody’s sees the economy as less exposed to external shocks, given the current growth rates and ongoing policies for reform.
GBP/INR Exchange Rate Forecast: UK GDP and Indian Banking Data to cause Largest Movement Next Week
With no further UK or Indian economic publications due out today, the next results to affect the Pound Sterling (GBP) and the Indian Rupee (INR) will come next week. For Sterling, this will primarily be in the form of the UK Q3 GDP result on Tuesday; at the time of writing no change from 2.4% was predicted for the yearly posting but a marginal decline from 0.7% to 0.6% had been predicted for the quarterly result.
India’s contributions to rate movement will come on Friday with the Deposit Growth and October 23rd Foreign Reserves figures, along with the annual September Infrastructure Output result. No forecasts have been made for the first two fields, but at the time of writing 2.97% growth had been forecast for the third.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 99.9390 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0100 today.
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