{"id":103566,"date":"2020-08-21T08:49:37","date_gmt":"2020-08-21T07:49:37","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=103566"},"modified":"2020-08-21T14:02:23","modified_gmt":"2020-08-21T13:02:23","slug":"103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\/","title":{"rendered":"GBP\/INR Hovers Near 99.000 After 1% Gain on Thursday"},"content":{"rendered":"

GBP\/INR<\/a> is correcting in early trading on Friday, after surging over 1% yesterday. Still, the pair is set to conclude an impressive week that saw it updating the highest level in more than four years during the Thursday session. At the time of writing, one British pound<\/a> buys 99.000 Indian rupees<\/a>, down 0.11% as of 7:30 AM UTC. The price has formed a double top pattern, suggesting that the correction might last longer this time.<\/p>\n

The fundamentals for the pound are mixed, so the next moves depend very much on investors\u2019 mood. Yesterday, the UK reported almost 1,200 new COVID-19 cases, the second-highest daily figure since June 21. However, that reflects the sudden increase in testing. Still, that doesn\u2019t bode well for the pound, which is retreating against the rupee after touching 99.297.<\/p>\n

Also, Britain\u2019s public debt exceeded 2 trillion pounds for the first time ever in July, as the government led by Prime Minister Boris Johnson boosted public spending to address the pandemic. Net debt, which doesn\u2019t touch upon public banks, increased to 2.004 trillion pounds, which is the equivalent to 100.5% of the UK\u2019s gross domestic product (GDP) \u2013 the highest in almost 60 years.<\/p>\n

Finance minister Rishi Sunak commented<\/a>:<\/p>\n

\u201cToday\u2019s figures are a stark reminder that we must return our public finances to a sustainable footing over time, which will require taking difficult decisions.\u201d<\/em><\/p>\n

UK Retail Sales Beat Forecasts<\/h2>\n

On the positive side, British retail sales jumped to exceed their pre-COVID levels in July, which was the first full month when non-essential stores were open since the lockdown came into effect. Retail sales increased by 3.6% compared to June, beating all forecasts. The indicator rose 1.4% compared to July 2019.<\/p>\n

Alistair McQueen, head of savings and retirement at Aviva, commented<\/a>:<\/p>\n

\u201cThis uptick in retail consumption may help ease concerns over the fragility of the UK economy – but not for long.\u201d<\/em><\/p>\n

The UK\u2019s retail sector experienced a much faster rebound than the rest of the economy affected by the lockdown. Online shops and e-commerce platforms were the big winners during the last few months.<\/p>\n

GBP Index Today - last 90 days<\/div>
\n\"\"<\/p>\n
Currency Index charts show the strength of a single currency<\/strong> based on a basket of foreign currencies. This is done using a weighted mean (an average) of the 5 largest routes from that source currency and their daily FX rates. You can explore live exchange rates here<\/a>.<\/div>
What does this show? <\/span><\/a><\/div>
Show less<\/span><\/a><\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR is correcting in early trading on Friday, after surging over 1% yesterday. Still, the pair is set to conclude an impressive week that saw it updating the highest level in more than four years during the Thursday session. At the time of writing, one British pound buys 99.000 Indian rupees, down 0.11% as of […]<\/p>\n","protected":false},"author":163946609,"featured_media":82966,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[2423,1394,1861,1666,3177,1840],"class_list":{"0":"post-103566","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-public-debt","14":"tag-uk-retail-sales"},"acf":[],"yoast_head":"\nGBP\/INR Hovers Near 99.000 After 1% Gain on Thursday - 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\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\/\" \/>\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\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Hovers Near 99.000 After 1% Gain on Thursday\",\"datePublished\":\"2020-08-21T07:49:37+00:00\",\"dateModified\":\"2020-08-21T13:02:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/\"},\"wordCount\":406,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-indian-rupee-exchange-rates-gbp.jpg\",\"keywords\":[\"covid\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"UK public debt\",\"uk retail sales\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103969-gbp-inr-hovers-near-99-000-after-1-gain-on-thursday\\\/\",\"name\":\"GBP\\\/INR Hovers Near 99.000 After 1% Gain on Thursday - 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