GBP to INR Forecasts
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 Ukraine crisis.
BER ResearchGBP/Rupee Outlook
The Ukrainian crisis and its risks for European energy supplies have pushed the Pound down against the Rupee.
GBP/INR started dropping in February and by mid-year the pound to rupee exchange rate has settled around the 95 mark, well down from its highs around 104 in April last year.
| Date | GBP/INR | Change | Period |
|---|---|---|---|
20 Jun 2022 | 95.46 | 0.1% ▲ | 2 Week |
05 Apr 2022 | 98.67 | 3.2% ▼ | 3 Month |
04 Jul 2021 | 103.02 | 7.2% ▼ | 1 Year |
05 Jul 2017 | 83.79 | 14% ▲ | 5 Year |
06 Jul 2012 | 86.04 | 11.1% ▲ | 10 Year |
09 Jul 2002 | 75.46 | 26.6% ▲ | 20 Year |
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 weakened (like most Asian currencies) against the US 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.
The outlook for sterling looks challenging in its precarious economic environment. In June, OFX say the pound could trade against the euro between 1.19-1.16 EUR and against the USD between 1.21-1.27 USD.
The pound hit a 3-Year LOW in mid May near 1.22 against the greenback (1 USD = 0.81 GBP) — on the bleak outlook for the UK economy and after the Federal Reserve started its long anticipated increase of interest rates.
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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.