The Pound Sterling to Indian Rupee exchange rate is currently trending in the region of 98.2950.
Over the past few days the Pound has generally softened against the majority of its currency rivals. This can be attributed to a combination of mounting negativity regarding the Bank of England’s interest rate intentions and disappointing domestic data. With BoE officials unprepared to establish the timing of a rate hike, and continued support for ultra-low rates within the institution, traders have become increasingly cynical towards the central bank. In fact, investors have become disenchanted with all the major central banks for their lack of optimism and forward thinking.
Over the past few weeks the US Dollar has depreciated against all of its major peers. This is as a result of negative sentiment towards the Federal Reserve for the reasons addressed above. Compiling the US Dollar downfall has been several shaky economic data results which have eased pressure on the Fed to normalize monetary policy. As the US Dollar softened, emerging-market currencies such as the Indian Rupee, have benefitted. Despite a complete absence of domestic data, the Indian Rupee has generally managed to appreciate against many of its peers.
The Pound Sterling to Indian Rupee exchange rate has dropped to a low today of 97.8040.
On Thursday the Pound has endured minimal volatility as traders focus on US data and the impact of the Fed rate decision. British housing data has printed positively, although this has had very little impact on Sterling movement. The seasonally-adjusted monthly Nationwide House Prices came in at 0.5%, eclipsing the median market forecast of a rise from -0.1% to 0.3%. The year-on-year non-seasonally adjusted Nationwide House Prices avoided declining from 9.4% to 8.5% as economists’ predicted, with the actual result only falling to 9.0%.
A complete absence of Indian economic data on Thursday has seen the Rupee soften against many of its major competitors. This can be attributed to the US Dollar gathering momentum from the Fed’s decision to put an end to quantitative easing.
Pound Sterling to Indian Rupee Exchange Rate Forecast to Decline
With sentiment towards the Pound flagging, it is likely that the GBP/INR exchange rate will soften on Friday. The Rupee should advance significantly if Friday’s economic data provides positive results, especially since it has been a while since Indian data was published.
The Pound Sterling to Indian Rupee exchange rate has advanced to a high today of 98.3980.
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