{"id":101741,"date":"2020-07-07T03:27:01","date_gmt":"2020-07-07T07:27:01","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101741"},"modified":"2020-07-07T05:11:36","modified_gmt":"2020-07-07T09:11:36","slug":"103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\/","title":{"rendered":"GBP\/INR Somewhat Bullish as India Can\u2019t Flatten the Curve of COVID Cases"},"content":{"rendered":"

GBP\/INR<\/a> continues the bullish stance on Tuesday, after securing a modest gain yesterday. Currently, one British pound<\/a> buys 93.513 Indian rupees<\/a>, up 0.35% as of 6:40 AM UTC. Nevertheless, the pair still hasn\u2019t determined a clear trend to follow.<\/p>\n

The pound reacted positively on construction activity data released by IHS Markit yesterday. British construction companies beat analysts\u2019 expectations by returning to growth for the first time since the lockdown was imposed in mid-March.<\/p>\n

Check real time GBP to INR exchange rate<\/span><\/a><\/div>\n

The construction purchasing managers index (PMI) surged to 55.3 from 28.9 in May, the highest level since July 2018. The 50 mark separates growth from contraction.<\/p>\n

The growth was driven by housebuilders, though commercial constriction also increased in activity.<\/p>\n

Tim Moore of IHS Markit commented<\/a>:<\/p>\n

\u201cAs the first major part of the UK economy to begin a phased return to work, the strong rebound in construction activity provides hope to other sectors that have suffered through the lockdown period<\/em>.\u201d<\/p>\n

It\u2019s worth mentioning that the PMI survey is monitoring business activity from month to month. Thus, the surge above 50 takes May data for reference. That means that activity hasn\u2019t necessarily returned to pre-COVID levels.<\/p>\n

Moore added:<\/p>\n

\u201cWhile some survey respondents commented on cautious optimism about their near-term prospects, construction companies continued to face challenges securing new work against an unfavourable economic backdrop and a lost period for tender opportunities<\/em>.\u201d<\/p>\n

The survey showed that construction companies continued to reduce jobs at a fast pace.<\/p>\n

Citigroup Cuts Forecast for India Sharply<\/h2>\n

As for the rupee, the currency continues to be under pressure as the daily number of COVID cases is rapidly increasing. Citigroup reduced its forecast for India\u2019s gross domestic product, citing the pandemic. India\u2019s economy will contract 6% in the first year 2021, Citi said, which is way worse than its initial estimate for a 3.5% contraction.<\/p>\n

India has the world\u2019s third-largest tally of coronavirus cases, surpassing Russia in the weekend. Citi\u2019s chief economist for India, Samiran Chakraborty, said<\/a>:<\/p>\n

\u201cThe delay in flattening the curve has been one of the primary reasons for our forecast revision. The spread of the virus has largely followed the \u2018Most Severe\u2019 scenario in our forecasts<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues the bullish stance on Tuesday, after securing a modest gain yesterday. Currently, one British pound buys 93.513 Indian rupees, up 0.35% as of 6:40 AM UTC. Nevertheless, the pair still hasn\u2019t determined a clear trend to follow. The pound reacted positively on construction activity data released by IHS Markit yesterday. British construction companies […]<\/p>\n","protected":false},"author":163946609,"featured_media":80615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[2423,1394,1861,1666,2609],"class_list":{"0":"post-101741","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-covid","10":"tag-gbp","11":"tag-gbp-inr","12":"tag-inr","13":"tag-uk-construction"},"acf":[],"yoast_head":"\nGBP\/INR Somewhat Bullish as India Can\u2019t Flatten the Curve of COVID Cases - 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\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\/\" \/>\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\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Somewhat Bullish as India Can\u2019t Flatten the Curve of COVID Cases\",\"datePublished\":\"2020-07-07T07:27:01+00:00\",\"dateModified\":\"2020-07-07T09:11:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/\"},\"wordCount\":394,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Awaiting-Inflation-Data-from-UK-India.jpg\",\"keywords\":[\"covid\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"UK construction\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103561-gbp-inr-somewhat-bullish-as-india-cant-flatten-the-curve-of-covid-cases\\\/\",\"name\":\"GBP\\\/INR Somewhat Bullish as India Can\u2019t Flatten the Curve of COVID Cases - 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