GBP/INR is slightly declining in early trading on Monday, but the pair is still trading inside a steep bullish channel that started on February 10. The price is currently fluctuating close to the support line, so we might see a trend reversal if it breaks it below that line in the following hours.

At the time of writing, one British pound buys 93.182 Indian rupees, down 0.05% as of 5:20 AM UTC.

INR supported by China’s decision to easy its monetary policy

The Indian currency is supported by China’s decision to ease its monetary policy in an attempt to boost its economy hit by the coronavirus outbreak, though that was a widely expected move. The People’s Bank of China (PBOC) cut the interest rate on its medium-term lending earlier today. The central bank lowered the interest rate on 200 billion yuan worth of one-year medium-term lending facility (MLF) loans to banks from 3.25% to 3.15%. Now investors anticipate that the central bank will also cut the benchmark loan prime rate (LPR) this Thursday.

The death toll of the coronavirus has already exceeded the 1,700 mark, with over 70,000 being infected. On Monday, China reported 2,048 new cases.

Talks about China’s subdued economic growth doesn’t bode well for India, which an important trade partner.

Analysts polled by Reuters anticipate that China’s economic growth in the first quarter could slow to 4.5% from 6.0% in the previous quarter.

Elsewhere, the sterling has been under pressure after UK finance minister resigned and amid post-Brexit challenges. Recently, France warned the UK to be ready for a tough battle with the European bloc during the negotiations for a trade deal. French foreign minister Jean-Yves Le Drian said that the two sides would “rip each other apart.” Moreover, he added that Britain might find it difficult to achieve its goal of signing a free trade deal by the end of December. This possibility worries British markets, which seek to avoid a hard Brexit scenario at all costs.

On Sunday, Le Drian gave a speech at a security conference in Munich, Germany, saying:

I think that on trade issues and the mechanism for future relations, which we are going to start on, we are going to rip each other apart. But that is part of negotiations, everyone will defend their own interests.” 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.