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Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Tick Higher despite Low Crude Prices
Published: 13 Jul at 9 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Forex, Rupee Exchange Rate, Euro Crisis, Exchange Rates, Economy, Inflation,
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate edged higher by around 0.31% during Monday’s European session.
The British Pound rallied versus its major peers on Monday after the Bank of England (BoE) Credit Conditions Survey was published.
The survey showed that there was a significant surge in mortgage applications in the second-quarter. In addition, there has been heightened demand for loans for both small and larger businesses. The improved credit conditions are the result of the combination of an ultra-low benchmark interest rate and rising wages.
In addition to positive credit conditions, the Pound strengthened thanks to better-than-expected trade balance data on Friday. This allayed concerns that the geopolitical tensions in Europe were having a detrimental effect on British exports. Now that Greece and the Eurozone officials have come to an agreement to keep Greece in the currency-bloc, there is a general feeling of improved sentiment towards the Pound given that the Eurozone is Britain’s largest trading partner.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 98.5820.
The Indian Rupee, meanwhile, rallied versus many of its currency rivals thanks to falling crude prices. As one of the world’s foremost oil importers, sustained low crude prices will have a positive effect on the Indian economy, and thus the Rupee. The drop in crude prices has been linked to fears that Iran will soon add to the global surplus given that nuclear talks aren’t proving successful thus far. The Rupee also advanced thanks to June’s Inflation Rate which reached 5.4% on the year, bettering the median market forecast 5.1%. The higher-than-expected inflation rate significantly reduced the prospect of the Indian central bank cutting the cash rate during the next policy decision.
Looking ahead, there will be several influential domestic data publications with the potential to provoke changes for the Pound Sterling to Indian Rupee (GBP/INR) exchange rate. Of particular significance, for those invested in the Rupee, will be June’s WPI Inflation Rate to see whether it correlates with today’s inflation reading. From a British point of view, Tuesday’s Consumer Price Index has the potential to initiate Sterling volatility. June’s British Inflation Rate is forecast to drop to 0.0% which is dangerously close to deflationary territory.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending within the range of 98.1720 to 98.9710 during Monday’s European session.
The British Pound rallied versus its major peers on Monday after the Bank of England (BoE) Credit Conditions Survey was published.
The survey showed that there was a significant surge in mortgage applications in the second-quarter. In addition, there has been heightened demand for loans for both small and larger businesses. The improved credit conditions are the result of the combination of an ultra-low benchmark interest rate and rising wages.
In addition to positive credit conditions, the Pound strengthened thanks to better-than-expected trade balance data on Friday. This allayed concerns that the geopolitical tensions in Europe were having a detrimental effect on British exports. Now that Greece and the Eurozone officials have come to an agreement to keep Greece in the currency-bloc, there is a general feeling of improved sentiment towards the Pound given that the Eurozone is Britain’s largest trading partner.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 98.5820.
The Indian Rupee, meanwhile, rallied versus many of its currency rivals thanks to falling crude prices. As one of the world’s foremost oil importers, sustained low crude prices will have a positive effect on the Indian economy, and thus the Rupee. The drop in crude prices has been linked to fears that Iran will soon add to the global surplus given that nuclear talks aren’t proving successful thus far. The Rupee also advanced thanks to June’s Inflation Rate which reached 5.4% on the year, bettering the median market forecast 5.1%. The higher-than-expected inflation rate significantly reduced the prospect of the Indian central bank cutting the cash rate during the next policy decision.
Looking ahead, there will be several influential domestic data publications with the potential to provoke changes for the Pound Sterling to Indian Rupee (GBP/INR) exchange rate. Of particular significance, for those invested in the Rupee, will be June’s WPI Inflation Rate to see whether it correlates with today’s inflation reading. From a British point of view, Tuesday’s Consumer Price Index has the potential to initiate Sterling volatility. June’s British Inflation Rate is forecast to drop to 0.0% which is dangerously close to deflationary territory.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trending within the range of 98.1720 to 98.9710 during Monday’s European session.
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Source: moneytransfer.co.uk