GBP/INR has managed to halt the downtrend that started on April 15 at above 96.000. Currently, one British pound buys 92.788 Indian rupees, up 0.37% as of 7:00 AM UTC.
The Pound started to surge after UK Prime Minister Boris Johnson unveiled his “roadmap” for gradually lifting the lockdown restrictions. The measures were imposed in March in an effort to curb the spread of the new coronavirus. The PM himself was tested positive and even reached the intensive care unit last month.
The new 51-page plan presents a three-phase strategy for easing the restrictions. Nevertheless, Johnson admitted that life would be different “at least for the foreseeable future.”
Interestingly, the PM noted that a COVID vaccine might never be found. Still, the most probable scenario is that a mass vaccine or treatment is more than a year away.
GBP: High Street Shops to Reopen from June 1
The detailed document was published earlier today, but Johnson announced about the general plans yesterday, sending bullish signals to sterling buyers. He said that the UK would reopen thousands of high street shops, malls, showrooms, outdoor markets, and department stores starting from June 1. Obviously, all retailers should meet the guidelines.
The PM said:
“Today, I want to give the retail sector notice of our intentions to reopen shops, so they too can get ready. There are careful but deliberate steps on the road to rebuilding our country.”
Other non-essential retail, including clothes, shoes, furniture, toys, books, and electronics, may reopen from June 15.
Johnson said that schools would reopen from June 1 as well in a phased manner. Primary schools, including reception, year one and year six will return next Monday, while secondary schools will provide some contract for Year 10 and 12 from June 15.
As for public transport, employees who cannot work from home are advised to travel by driving, cycling or walking. However, the document admits that an increase in public transport is unavoidable. More details about this particular aspect will be released later this week.
Recently, India also hinted that it was gradually lifting the restriction measures to save the economy.
