inr-bank-notes - INR

GBP/INR has just touched the highest level since February 3 during its fourth consecutive bullish session. The pair is now trading at 93.178, up 0.15% as of 6:40 AM UTC.

INR struggling amid stagnation fears

The rupee is still down, as the inflation is increasing too fast while the economy doesn’t show signs of revival.

Earlier today, India’s commerce and industry ministry released wholesale inflation data, with the figures beating analysts’ expectations again. Wholesale inflation accelerated last month to 3.1%, driven by an increase in fuel and power prices. The cost of manufacture products also went up. In December, wholesale price inflation was 2.59%.

Inflation in fuel and power was 3.42% in January, after a decline of 1.46% in December 2019. The rate of manufactured products, which account for 64.23% of the index weight, was 0.34% last month from a negative 0.25% in December.

The inflation in food products slowed to 11.5% last month from 13.24% in December, with onion declining to 293.3% from 455.8%. However, inflation in potato accelerated to 87.8% in January from 45% in December.

Yesterday, we reported that India’s retail inflation surged to 7.59% in January, to the highest level in six years. This leaves less room for the Reserve Bank of India (RBI) to cut the interest rates and support the economy. The government has to consider alternative measures to trigger the revival.

GBP still strong after Javid’s resignation

The sterling’s rally would likely have been more pronounced, but the British currency is facing resistance after finance minister Sajid Javid left his role as a result of a dramatic debate with Prime Minister Boris Johnson. Investors now fear that the political shock might negatively influence the UK’s Brexit implementation, which should be carried out until the end of this year.

The two leaders of the British government had a face-to-face row, after which Javid decided to resign. The PM required the Chancellor of the Exchequer to fire all his most senior aides as part of a move to set up a new economic unit that would merge with the PM’s office.

Javid is replaced by Rishi Sunak, who is currently chief secretary to the Treasury. 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.