Pound to Indian Rupee (GBP/INR) has managed to recover the losses of a downtrend that lasted from mid-April to mid-May. Currently, one British pound (GBP) buys 96.023 Indian rupees (INR), up 0.25% as of 6:10 AM UTC. The pair peaked by the end of last Friday near 96.200, which was the highest level since April 15. This is the sixth trading session in a row when the price is flashing green.
The pound is driven by Britain’s increasing economic activity as the restrictive measures are gradually relaxed. Yesterday, local media reported that Prime Minister Boris Johnson was planning to ease restrictions on weddings and outdoor dining. He also wants to push government investment plans.
The place of worship will also reopen on June 15, the Sunday Times reported. The newspaper quoted an official familiar with the matter:
“Boris wants us back to normal, or as near to it as possible, before the summer.”
The senior source added that the PM was worried about the rapid surge in unemployment.
Despite Johnson’s readiness to reopen and stimulate the economy, the support for his Conservative Party is declining. This weekend, three opinion polls showed that public confidence in the government’s way to deal with the pandemic is weakening. Nevertheless, the next election is scheduled in 2024, so the latest surveys aren’t an immediate concern for the PM.
Critics point to the fact that the UK has registered the highest number of COVID-related deaths in Europe.
Protests in London End Up with Injured Officers
Meanwhile, tens of thousands of British citizens protested on the streets of London in the weekend, calling for the end of police brutality. The rally came to support American protesters who are calling for justice after the killing of George Floyd in Minneapolis. While the London demonstration was initially peaceful, it ended with several people fighting police near Downing Street residence. London Police chief Cressida Dick announced that 27 officers had been injured on Saturday alone.
The sterling also leverages the potentially increasing demand for consumer goods. On Monday, market researcher Springboard said that the number of shoppers in June suggests a surge in demand amongst consumers, as the restrictive measures are lifted. Executive Diane Wehrle explained:
“The limited evidence so far has suggested that, despite the growth in online shopping over the past two months, there is a huge amount of pent-up demand amongst consumers for bricks-and-mortar shopping.”
As for India, the country continues to struggle with the economic catastrophe caused by the lockdown measures.
