inr-symbol-forex-performanc - INR

GBP/INR has slightly declined in early trading on Monday. Currently, one British pound buys 93.628, down 0.38% as of 6:10 AM UTC.

GBP/INR touched a daily low at 92.854.

Last week, the price hasn’t seen a bearish day at all. In fact, it has had six bullish sessions in a row, gaining over 9% and recovering most of the previous losses. Now the price is trying to break above a resistance zone and maybe consolidate above 94.000.

British Firms Were Pessimistic Even Before Shutdown Measures

So far, the rupee proves to be resilient for now. Yesterday, the UK’s Confederation of British Industry (CBI) said that British firms operating in key industries were already expecting the most difficult period since 2009 even before the shutdown measures imposed last week.

CBI’s polls carried out in the first half of the month showed that consumer services companies, including restaurants, bars, and cinemas, were the most pessimistic. The indicator of their expectations for business volumes for the next three months was at -47%. Elsewhere, the measure for manufacturers stood at -20%, and retail sector’s sales expectations tumbled to -31%.

Alpesh Paleja, the CBI’s lead economist, commented:

Expectations of a sharp fall in activity give some sign of what is to come. With strict social distancing measures still to be reflected in our data, the picture is only likely to deteriorate from here.”

Some companies expected growth, including business and professional services firms.

Reuters Poll: India’s Economy to Slow Even Further

However, the GBP/INR pair might rebound and continue its growth, as the Indian economy will be hit by the pandemic. The country’s already-slowing economy has likely contracted to an eight-year low, according to a recent survey conducted by Reuters. What’s even more worrying is that the economy is expected to slow even more sharply.

Last week, Prime Minister Narendra Modi enforced a three-week lockdown that would surely hit many businesses.

ING economist Prakash Sakpal commented:

Just as everywhere else in the world, the Indian economy is bracing for the fallout (from) this unprecedented event. We expect the lockdown to dramatically reduce GDP in subsequent quarters, while there will be prolonged economic gloom throughout the rest of the year.”

Economists surveyed by Reuters expect the country’s GDP to expand by 4.0% year-on-year in the current quarter, down from 4.7% seen in the three months to December 2019. 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.