{"id":101559,"date":"2020-06-30T03:03:58","date_gmt":"2020-06-30T07:03:58","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101559"},"modified":"2020-06-30T03:03:58","modified_gmt":"2020-06-30T07:03:58","slug":"103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/","title":{"rendered":"GBP\/INR Continues on Low Note After Downbeat UK GDP Data"},"content":{"rendered":"

GBP\/INR<\/a> continues to decline on Tuesday as bulls still can\u2019t find an opportune moment to bet on the sterling. At the time of writing, one British pound<\/a> buys 92.713 Indian rupees<\/a>, down 0.13% as of 6:20 AM UTC. Yesterday, the pair touched the lowest level since May 27 at 92.515.<\/p>\n

The price will likely continue to flash red after the UK\u2019s Office for National Statistics (ONS) released GDP data for the first quarter. It confirmed the worst contraction since 1979.<\/p>\n

The ONS said that Britain\u2019s economy had contracted by 2.2% in the first three months. The early estimate anticipated a decline of 2.0%, which already suggested the worst quarterly contraction since the financial crisis in 2008. The indicator reflects the economic performance in January and February when the coronavirus pandemic wasn\u2019t even an issue for the UK. The statistics agency said<\/a>:<\/p>\n

\u201cThis is the joint-third largest quarterly contraction in GDP and reflects the imposing of public health restrictions and voluntary social distancing put in place in response to the coronavirus (COVID-19) pandemic<\/em>.\u201d<\/p>\n

The services sector tumbled by a record 2.3% in the three months to March, dragged down by accommodation and food services. Manufacturing and construction also turned negative.<\/p>\n

Consumer spending declined by 2.9% or 9.5 billion pounds, which is the largest quarterly drop since 1979.<\/p>\n

The ONS explained that the damage was caused by the COVID-19 pandemic. The outbreak forced the UK government led by Prime Minister Boris Johnson impose strict social distancing rules in mid-March. The country went into full lockdown, closing all non-essential businesses. The ONS said:<\/p>\n

\u201cThese measures have impacted upon the spending behaviours of consumers as well as how businesses and their employees operate<\/em>.\u201d<\/p>\n

UK’s Account Deficit Widens More than Expected<\/h2>\n

Separately, the ONS reported that Britain\u2019s current account deficit widened in the first quarter, as the balance of payment deficit increase to 21.1 billion pounds. Analysts polled by Reuters expected an average figure at 15.4 billion.<\/p>\n

Early data points to a more dramatic contraction in the second quarter, which comprises April\u2019s full month of lockdown.<\/p>\n

PM Boris Johnson is about to present his plans to support the economy later today. He will pledge 5 billion that will go to infrastructure investment.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues to decline on Tuesday as bulls still can\u2019t find an opportune moment to bet on the sterling. At the time of writing, one British pound buys 92.713 Indian rupees, down 0.13% as of 6:20 AM UTC. Yesterday, the pair touched the lowest level since May 27 at 92.515. The price will likely continue […]<\/p>\n","protected":false},"author":163946609,"featured_media":65486,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1396,1394,1861,1666,1813],"class_list":{"0":"post-101559","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-boris-johnson","10":"tag-gbp","11":"tag-gbp-inr","12":"tag-inr","13":"tag-uk-gdp"},"acf":[],"yoast_head":"\nGBP\/INR Continues on Low Note After Downbeat UK GDP Data - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Continues on Low Note After Downbeat UK GDP Data\",\"datePublished\":\"2020-06-30T07:03:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/\"},\"wordCount\":369,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg\",\"keywords\":[\"boris johnson\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"uk gdp\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/\",\"name\":\"GBP\\\/INR Continues on Low Note After Downbeat UK GDP Data - Currency Live\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg\",\"datePublished\":\"2020-06-30T07:03:58+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#primaryimage\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg\",\"contentUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg\",\"width\":1200,\"height\":675},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/currencylive.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GBP\\\/INR Continues on Low Note After Downbeat UK GDP Data\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/\",\"name\":\"Currency Live\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/currencylive.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\",\"name\":\"Anatol Antonovici\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g\",\"caption\":\"Anatol Antonovici\"},\"description\":\"Anatol Antonovici is a foreign exchange and cryptocurrency writer with over seven years of trading and journalism experience. He has covered Forex currencies from a fundamental perspective, especially GBP and USD-related pairs. Besides his Forex-related activities, Anatol is a cryptocurrency journalist who has worked for several crypto news sites, including Bitcoinist, Cointelegraph and Cryptovest\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/author\\\/anatol-antonovicitw-external-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GBP\/INR Continues on Low Note After Downbeat UK GDP Data - Currency Live","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/","twitter_misc":{"Written by":"Anatol Antonovici","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#article","isPartOf":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/"},"author":{"name":"Anatol Antonovici","@id":"https:\/\/currencylive.com\/news\/#\/schema\/person\/c9c031720b5822c1d9bb63b59c6535ce"},"headline":"GBP\/INR Continues on Low Note After Downbeat UK GDP Data","datePublished":"2020-06-30T07:03:58+00:00","mainEntityOfPage":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/"},"wordCount":369,"image":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#primaryimage"},"thumbnailUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/11\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg","keywords":["boris johnson","gbp","gbp\/inr","inr","uk gdp"],"articleSection":["GBP","INR"],"inLanguage":"en-US","copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/currencylive.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/","url":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/","name":"GBP\/INR Continues on Low Note After Downbeat UK GDP Data - Currency Live","isPartOf":{"@id":"https:\/\/currencylive.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#primaryimage"},"image":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#primaryimage"},"thumbnailUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/11\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg","datePublished":"2020-06-30T07:03:58+00:00","author":{"@id":"https:\/\/currencylive.com\/news\/#\/schema\/person\/c9c031720b5822c1d9bb63b59c6535ce"},"breadcrumb":{"@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#primaryimage","url":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/11\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg","contentUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/11\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/currencylive.com\/news\/103512-gbp-inr-continues-on-low-note-after-downbeat-uk-gdp-data\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/currencylive.com\/news\/"},{"@type":"ListItem","position":2,"name":"GBP\/INR Continues on Low Note After Downbeat UK GDP Data"}]},{"@type":"WebSite","@id":"https:\/\/currencylive.com\/news\/#website","url":"https:\/\/currencylive.com\/news\/","name":"Currency Live","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/currencylive.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/currencylive.com\/news\/#\/schema\/person\/c9c031720b5822c1d9bb63b59c6535ce","name":"Anatol Antonovici","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/38b3e7f20d7a1bb12ef894996e88cd6cc079c02b14543bca8d80e65fffb21bc3?s=96&d=blank&r=g","caption":"Anatol Antonovici"},"description":"Anatol Antonovici is a foreign exchange and cryptocurrency writer with over seven years of trading and journalism experience. He has covered Forex currencies from a fundamental perspective, especially GBP and USD-related pairs. Besides his Forex-related activities, Anatol is a cryptocurrency journalist who has worked for several crypto news sites, including Bitcoinist, Cointelegraph and Cryptovest","url":"https:\/\/currencylive.com\/news\/author\/anatol-antonovicitw-external-com\/"}]}},"jetpack_featured_media_url":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/11\/Pound-Stronger-Rupee-Amid-Indian-Ruling-Party-Setback.jpg","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/101559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/users\/163946609"}],"replies":[{"embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/comments?post=101559"}],"version-history":[{"count":1,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/101559\/revisions"}],"predecessor-version":[{"id":101560,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/101559\/revisions\/101560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/media\/65486"}],"wp:attachment":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/media?parent=101559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/categories?post=101559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/tags?post=101559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}