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.
04 Oct 2021
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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 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.
The Indian rupee has dropped to its lowest level against a range of currencies since April as the Reserve Bank of India kept its monetary policy unchanged.
Most Asian currencies have weakened against the dollar on fears that surging energy prices could spur inflation and interest rate hikes.
India imports most of its oil requirements and higher crude prices tend to push up domestic inflation.INR Outlook
The outlook for the pound for October is very uncertain due to rising inflation, slowing growth and unemployment, the combination of which could create a nightmare scenario for the Bank of England Monetary Policy Committee.
OFX predict the GBP could range between 1.33 – 1.38 USD and against the euro between 1.14 – 1.18 EUR.GBP Outlook
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.