GBP/INR has been trading sideways since last Friday, as it cannot break above a strong resistance zone between 93.000 and 94.000.
Currently, GBP/INR is trading at 93.129, down 0.45% as of 6:30 AM UTC.
UK’s COVID Death Toll Surges 27%
The pound has weakened after the UK reported the highest number of deaths from coronavirus in a single day. On Tuesday, the government said that 381 people died in the previous 24 hours, up 27%, bringing the death toll to 1,789. So far, Britain has reported over 25,000 COVID-19 cases.
Prime Minister Boris Johnson held the first digital cabinet meeting as he is self-isolated after being tested positive for the new coronavirus.
Cabinet Office minister Michael Gove said:
“The increase in the number of deaths is deeply shocking, disturbing [and] moving.”
He said that is was not possible to estimate when the crisis will peak. He explained:
“It depends on the actions of all of us. We can delay that peak; we can flatten the curve through our own particular actions.”
UK Shop Prices Decline In Early March
The pandemic has hit the economies of both the UK and India. Earlier today, the British Retail Consortium (BRC) and market research firm Nielsen said that shop prices in the UK fell by 0.8% year-on-year in the first week of March, which is the biggest decline since May 2018.
BRC Chief Executive Helen Dickinson stated:
“There are a number of price pressures arising from the coronavirus crisis. Food prices, particularly of fresh produce, may be impacted by higher costs on seasonal farm labour, while non-food prices will be pushed down by lower demand.”
In the first week of March, food prices increased by an annual rate of 1.1%, less than February’s rise. Non-food prices declined by 1.9%, after a similar drop a month earlier.
India’s 8 Core Industries Jump 5.5% in February
In India, the government said yesterday that the eight infrastructure industries increased at an 11-month peak in February. However, the coronavirus crisis will stop the recovery as the country is locked down.
The Index of Eight Core Industries surged 5.5% in February, driven by an increase in output of coal, cement, and electricity. The index also comprises crude oil, natural gas, refinery products, fertilisers, and steel.
