GBP/INR forecasts change all the time, affected by news events and relative sentiment towards the UK and Indian economies and this exchange rate is even more volatile than usual because of the uncertainties around the Coranavirus pandemic.
The Reserve Bank of India’s announcement sunk the Indian rupee back below 102 to the pound sterling.
Unlike Latin American countries, which continue to benefit from a U.S. recovery, Asian countries are vulnerable to economic austerity in Saudi Arabia and elsewhere in the Middle East due to the drop in demand for Oil during the Covid pandemic. More than 60% of remittances to India, Bangladesh and Pakistan come from Gulf countries.
The Reserve Bank of India’s announcement of a huge government bond purchase programme in April has ended the Indian rupee’s resilience to U.S. dollar strength and other currencies such as GBP and AUD. INR Markets
GBPINR at 104.9has risen 3.7% above its 90-day average, range 99.45-104.9.
Alerts:4D▲+1.8% | 90D▲HIGH |
The foreign exchange market convention for GBP/INR is to quote Indian Rupee as Rupee per US dollar. Thus a higher GBP/INR rate actually means one rupee is worth less, that is you can buy more rupee for 1 GBP.
Whether the pound will rise or drop in the future versus the rupee is a difficult question and the answer really depends on many factors. The best way to consider the current GBP-INR relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
12 Apr 2021
20 Mar 2021
19 Jan 2021
19 Apr 2020
20 Apr 2016
22 Apr 2011
GBP/INR 10 year historic rates & change to 19-Apr-2021 : 104.72
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