GBP INR is bullish on Friday, though it is set to end the week in the red. Currently, one British pound buys 94.251 Indian rupees, up 0.54% as of 5:55 AM UTC.
Thus, GBP INR rate has recovered yesterday’s losses, but it was bearish on four consecutive sessions, losing 2% since Monday.
While there is nothing to brag about in terms of economic performance, the pound has probably rebounded on news that British Prime Minister Boris Johnson might return to work next Monday. The PM has been struggling with the coronavirus and was even held in the intensive care unit.
Johnson left hospital last week and, according to Telegraph, is planning to return to work and speed up the fight against COVID-19. The opposition has criticized him for not reacting promptly to the rapid spread of the virus. The PM seems to realize the seriousness of the disease and is about to hold meetings with cabinet ministers to discuss potential ways to reduce the transmission rates.
GBP/INR: Consumer Confidence Steady at Lowest Level Since 2009
The sterling also reacted positively to the consumer confidence report released by GfK. While the indicator of confidence among households was flat in the first two weeks of April, holding at the lowest level since 2009, it was still better than analysts’ expectations. The measure maintained at -34, unchanged from the previous survey for March 12-27. Economists anticipated a decline to -40.
GfK’s client strategy director, Joe Staton, commented:
“It is impossible to say if this is at the bottom after weeks of adjustment to the reality of lockdown life, or if further falls are to come.”
The gauge of personal financial expectations for the next 12 months increased compared to the previous survey, but the perception of the UK’s economic performance over the past 12 months declined. A measure of consumers’ willingness to make major purchases kept unchanged.
Yesterday, the Confederation of British Industry (CBI) said that the sentiment across manufacturers had tumbled to the lowest level on record. The indicator of business optimism declined to -87 in April from +23 in January.
As for the Indian economy, it is still struggling with the consequences of the global pandemic and the lockdown measures.
