GBP/INR: Pair Inches Up After Volatile Sessions

GBP/INR is advancing on Friday, after several days of high volatility but no clear direction. The pair is currently trading at 92.830, up 0.22% as of 6:16 AM UTC.

Yesterday, the rupee jumped on the news that India and the US were about to settle their trade issues. Both New Delhi and Washington are confident that the two economies would find an early solution, according to Raveesh Kumar, a spokesman for India’s foreign ministry. He said:

“Discussions have been going on between the two sides. We remain optimistic that a solution will be found very soon.”

India and the US have had trade issues for months, imposing tariffs on each other’s products.

A government official told media that India’s commerce minister Piyush Goyal visited the US on Wednesday to iron out differences. He met US Trade Representative Robert Lighthizer.

Nevertheless, the optimism about the US-India improved trade relationship couldn’t ensure major support for the rupee. The national currency is under pressure amid India’s economic slowdown.

Ratings firm ICRA recently cut its outlook for India’s gross domestic product (GDP) growth to 4.7% in the second quarter of the fiscal year 2020 that ended September. The economists cited weakening momentum in the industry.

The ICRA also reduced its gross value added forecast to 4.5% in the second quarter of the fiscal year 2020 from 4.9% in the previous quarter. The agency said:

“With subdued domestic demand, investment activity, and non-oil merchandise exports weighing upon volume expansion, manufacturing growth is expected to decelerate further from the marginal 0.6 per cent in Q1 of FY2020.”

In the UK, the sterling looks stronger as the Conservative Party, led by Prime Minister Boris Johnson, is doing well in opinion polls. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.