The Pound to Rupee (GBP/INR) Exchange Rate weakened on Friday as data showed that UK construction output fell more than expected in February.
Sterling also remains under pressure from Thursday’s decision by the Bank of England to maintain interest rates at the record low level of 0.5% and maintain its stock of asset purchases financed by the issuance of Central Bank reserves at £375 billion.
The Rupee meanwhile continued to trade firmer against the Pound despite a number of data releases disappointing. The ongoing general election in the world’s largest democracy kept the Rupee supported as expectations are high that a new pro-economy government will be elected.
According to the Indian Statistics Office of the Ministry of Statistics and Programme implementation said that industrial production in the country fell by -1.9% in February, worse than the 1.2% rise forecast by economists.
Manufacturing production also fell more than forecast as it declined by -3.7% instead of the expected figure of -0.6.
Adding to the negative reports was the release of a report which showed that India’s trade deficit widened in March as lower exports put pressure onto the nation’s current account balance.
According to the Ministry of Commerce and Industry, the trade deficit came in at $10.51 billion for March, up from February’s figure of $8.13 billion. For the full 2013/14 fiscal year, the trade deficit stood at $138.59 billion compared with $190.34 billion in the previous year.
The nine phase long Indian election ends on May 12th with the result to follow a few days later.
Indian Rupee (INR) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Indian Rupee,100.6550 ,
US Dollar,,Indian Rupee,60.1750 ,
Euro,,Indian Rupee,83.4687 ,
Australian Dollar,,Indian Rupee,56.4923 ,
[/table]
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