GBP/INR Gains Over 0.30% in Less Than 15 Minutes

GBP/INR is advancing on Wednesday, driven by a series of positive UK economic data. Meanwhile, the rupee is under pressure amid weakening global trade optimism.

The pair is currently trading at 93.543, up 0.38% as of 7:15 AM UTC. Thus, the price has just updated the highest level since March of this year. Interestingly, the greatest part of the gain (over 30%) came in a span of several minutes starting from about 7:00 AM UTC. However, it is still unclear what drove the surge.

Up until several minutes ago, the price was moving in a sideways trend maintaining a bullish mood. The rupee was supported by India’s services sector data.

Earlier today, the services purchasing managers’ index (PMI), prepared by Nikkei and IHS Markit, rose to 52.7 in November from 49.2 in October, expanding at its fast pace since July. The dominant services industry has been supported by an increase in new business, the survey showed. Any reading above 50 suggests expansion while a result below that mark points to contraction.

Pollyanna De Lima, principal economist at IHS Markit, commented:

The main positive to be taken from November’s survey was a renewed increase in new work, which provided the platform for growth of services activity and employment whilst resulting in an improvement in business confidence.”

The sub-index that monitors demand increased to 53.2 in November from 50.1 in October, pushing companies to accelerate hiring at the fastest pace in three months.

While India’s manufacturing and services sectors show some signs of revival, the World Bank said that the country would need to implement more measures besides the low corporate taxes to attract investors.

According to the World Bank, the current land and labor laws along with protectionist trade policies are impeding foreign investment in India.

World Bank economist Aaditya Mattoo explained:

“What inhibits are restrictive regulations which affect its land, labor, logistics and also its policies which affect trade and goods and services.”

India has implemented a series of measures to attract investors, which helped it jump 14 places to 63rd position in the World Bank’s ranking on ease of doing business. However, logistics costs are still way higher than in China and Bangladesh. 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.