GBP/INR slightly declined in early trading on Wednesday, but the pound has looked more confident since Monday. Yesterday, the pair hit the highest level in eight months, as the Indian economy continues to struggle.
Currently, one British pound buys 92.167 Indian rupees, down 0.03% as of 6:52 AM UTC.
Both the UK and India are scheduled to release inflation data later today, which might cause more volatility.
Trump Comments Alarm Investors
The rupee has been under increased pressure after US President Donald Trump said he would lift tariffs on Chinese goods if no trade deal is reached.
Speaking at the Economic Club of New York, Trump admitted that a “phase one” trade deal with China might be just around the corner, though his comments reflected the troubles the US administration is facing in reaching consensus with China. The President said:
“If we don’t make a deal, we’re going to substantially raise those tariffs. They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”
Trump added that China was “dying” to reach an agreement with the US, saying that he’d ink it only if it’s good for US companies and employees. Nevertheless, Trump admitted:
“We’re close — a significant phase one deal could happen, could happen soon.”
The US President and his Chinese counterpart Xi Jinping were about to sign “phase one” of the trade deal at a global conference in China. However, the event was canceled due to protests.
Trump wanted to propose a US location, with the state of Iowa being among the first options. However, US locations had been ruled out by China, a person familiar with the matter told Bloomberg. Now the parties are thinking about a new site to ink the deal. Locations in Europe or Asia are under review right now, the source, who asked to be named, told media.
During his speech, the US President repeated his worries on China’s influences over the global economy:
“Nobody’s cheated better than China. The theft of American jobs and American wealth is over,” he said.
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