The Pound Sterling to Indian Rupee (GBP/INR) exchange rate has slumped today, mainly due to the lack of UK economic data combining with the general sense of economic gloom present on the markets today. The Rupee (INR) has flatlined after an earlier GDP release.
GBP/INR Exchange Rate News: Stock Market Meltdown Compound’s Sterling’s Unappealing State Today
Pound Sterling (GBP) has made losses or trended narrowly against most of its major peers today; this has amounted to declines of -0.5% against the Indian Rupee (GBP/INR), -0.6% against the Euro (GBP/EUR), -0.8% against the US Dollar (GBP/USD) and -1.1% against the Thai Baht (GBP/THB).
With no actual domestic data to cause this downtrend, part of the reason may have been the ongoing dive in the world’s markets; at the time of writing, the FTSE 100 was down by -2.4%, the DAX was at a lower -2.9% and the CAC 40 had similarly crashed on a -3.1% drop.
News from UK politics was similarly dismal, with the PM predicting that if the UK left the EU after the vote, it could see Calais-style migrant camps spring up in the south of England.
Indian Rupee (INR) Ceases Movement Today after GDP Slowdown
The Indian Rupee (INR) has made neither losses nor gains against the Euro (INR/EUR), Pound Sterling (INR/GBP) or US Dollar (INR/USD), mainly because of the low price of oil countering the negative effect had by the Q4 annual GDP growth rate falling from 7.7% to 7.3%.
Despite the apparent slowdown, however, it was reported that India’s economy growth exceeded China’s in 2015, which is something of an unprecedented development.
GBP/INR Exchange Rate Forecast: UK Trade Balance Data Tomorrow may Not Provide Desired Sterling Support
With the week starting in earnest for the UK tomorrow, the first high-impact data to arrive will not necessarily provide the relief that investors have been hoping for. The UK Trade Balance stats for December are mixed in their forecast outcomes, although at the time of writing the consensus was for a reduction of the current deficit in two out of three fields.
India’s next data isn’t due until Friday, therefore the fluctuating price of oil is likely to provide the most notable impetus for change with the Indian currency before then.
Current GBP, INR Exchange Rates
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending in the region of 97.9530 and the Indian Rupee to Pound Sterling (INR/GBP) exchange rate was trending in the region of 0.0102 today.
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