numbers-and-inr-currency-symbol - INR

GBP/INR has failed to reverse the downtrend after several sessions of uncertainty. Currently, one British pound buys 93.823 Indian rupees, down 0.12% as of 6:25 AM UTC. Thus, the price has broken below 94.000 for the first time since June 1.

The sterling is supported by some fragile Brexit optimism and the reopening of more non-essential businesses amid the gradual lockdown easing. However, investors decided that the rupee has been slightly undervalued and pointed to recent indicators demonstrating that the Indian economy is reviving as well.

Yesterday, the Indian government said that that the economy had shown the early green shoots of recovery in May and June, citing high electricity and fuel consumption, an increase in financial transactions, and more active movement of goods.

The finance ministry revealed 14 indicators related to the services, manufacturing, finance, and agriculture sectors. The ministry concluded:

“Early green shoots of economic revival have also emerged in May and June with real activity indicators like electricity and fuel consumption, inter and intra-state movement of goods, retail financial transactions witnessing pick-up.”

The ministry added that the lockdown measures had severe negative effects. India imposed the social distancing measures in mid-March and started the relaxation at the end of May.

Independent analysts agree that there were signs of economic recovery, but they argue that activity maintained well below pre-lockdown levels.

IMF Expects India’s GDP to Contract 4.5% in 2021

Earlier today, the International Monetary Fund (IMF) said in its World Economy Outlook June update that the Indian economy would contract by 4.5% in the fiscal year 2021.

On Wednesday, local rating agency India Ratings & Research (Ind-Ra) projected the lowest economic growth in the country’s history, anticipating a contraction of 5.3% for the current fiscal year. This would be the sixth year of contraction in India’s history. The last such instance occurred four decades ago.

In the UK, a recent Reuters poll found that the economy was tumbling at the fastest pace in centuries, but it was ready to bounce back in the third quarter as more businesses reopen.

Local media also reported that Britain’s schools would not follow any social distancing rules when students return to their classes in September. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.