GBP/INR started the week positively after recording minor losses for three consecutive sessions. One British pound buys 93.418 Indian rupees as of 6:30 AM UTC.
INR is under increased pressure as the number of new coronavirus cases continues to update the record highs. In the weekend, the country reported about 48,000 new cases, with the daily figure surpassing 24,000 for the first time on Saturday. Thus, India overcame Russia and ranks third in total confirmed cases after the US and Brazil.
UK Continues Lockdown Relaxation
Elsewhere, the pound looks more confident as the UK government continues to gradually relax the social distancing measures. On July 4, pubs and restaurants reopened for the first time since the lockdown was imposed in mid-March. However, UK health minister Matt Hancock said yesterday that people still had to behave themselves. He told Sky News:
“From what I’ve seen, although there’s some pictures to the contrary, very very largely people have acted responsibly. Overall, I’m pleased with what happened yesterday. It was really good to see people out and about, and largely socially distancing.”
On Saturday, thousands of UK residents went to pubs and restaurants.
Also, the UK’s Culture Secretary said on Sunday that participants in sports event organized in England would be exempt from quarantine rules. This applies to people arriving from over 50 countries, including Germany, Spain, Italy, and France, though the US is not included. The Department of Culture, Media and Sport said:
“Sporting authorities, event organisers and the screen industry will need to follow Government covid secure guidance and put in place stringent protocols to ensure that they have a minimal impact on public health.”
The pound also reacted positively to the latest report on British new car registrations. While the indicator fell last month by over 30% compared to the same period in 2019, the pace of decline slowed down as the lockdown measures were lifted.
The Society of Motor Manufacturers and Traders (SMMT) said that about 145,000 units were registered in June. In April and May, new car registrations fell 97% and 89%, respectively.
