{"id":104012,"date":"2020-09-02T08:01:55","date_gmt":"2020-09-02T07:01:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=104012"},"modified":"2020-09-02T08:01:55","modified_gmt":"2020-09-02T07:01:55","slug":"104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\/","title":{"rendered":"GBP\/INR Continues to Decline Despite India\u2019s Record GDP Slump"},"content":{"rendered":"

GBP\/INR<\/a> continues the bearish stance on Wednesday. At the time of writing, one British pound<\/a> buys 97.573 Indian rupees<\/a>, down 0.11% as of 6:30 AM UTC. The price has formed a double top pattern at the end of August with the resistance near 98.300. Usually, this is a bearish pattern, and it might suggest that the pair is about to break below 97.000 again soon, though the fundamentals are not supporting the rupee at all. Recently, India reported a record GDP contraction in the first quarter of the fiscal year 2021.<\/p>\n

The pound is declining despite upbeat housing market data. Earlier today, mortgage lender Nationwide reported that British house prices surged to an all-time high last month. The UK housing market is experiencing a V-shaped recovery after the coronavirus lockdown. As per Nationwide, house prices leapt 2.0% from July, the biggest monthly increase in 16 years. Analysts polled by Reuters expected an increase of 0.5%.<\/p>\n

The report notes that prices rose 3.7% year-on-year, while economists expected a 2.0% increase.<\/p>\n

The housing market has been boosted including by the incentive provided by British finance minister Rishi Sunak, who cut a tax for house purchases.<\/p>\n

Yesterday, the Bank of England said that mortgage approvals had surprisingly rose in July, adding to the conclusion that the housing market is expanding at a fast pace right now. But Robert Gardner, Nationwide’s chief economist, said<\/a>:<\/p>\n

\u201cHowever, most forecasters expect labour market conditions to weaken significantly in the quarters ahead as a result of the after-effects of the pandemic and as government support schemes wind down. If this comes to pass, it would likely dampen housing activity once again in the quarters ahead<\/em>.\u201d<\/p>\n

UK Shop Prices Drop 1.6% in August<\/h2>\n

Separately, the British Retail Consortium (BRC) said that UK retailers had discounted their products more aggressively last month to attract buyers after the lockdown. Shop prices dropped 1.6% in August, after a decline of 1.3% in July. The August drop was driven by a 3.4% decline in non-food prices.<\/p>\n

BRC chief executive Helen Dickinson explained<\/a>:<\/p>\n

\u201cMany retailers have continued to run promotions and sales in order to entice customers to spend and make up for lost ground during lockdown.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues the bearish stance on Wednesday. At the time of writing, one British pound buys 97.573 Indian rupees, down 0.11% as of 6:30 AM UTC. The price has formed a double top pattern at the end of August with the resistance near 98.300. Usually, this is a bearish pattern, and it might suggest that […]<\/p>\n","protected":false},"author":163946609,"featured_media":83913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1861,2193,1666],"class_list":{"0":"post-104012","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-gbp","10":"tag-gbp-inr","11":"tag-house-prices","12":"tag-inr"},"acf":[],"yoast_head":"\nGBP\/INR Continues to Decline Despite India\u2019s Record GDP Slump - 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\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\/\" \/>\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\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Continues to Decline Despite India\u2019s Record GDP Slump\",\"datePublished\":\"2020-09-02T07:01:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/\"},\"wordCount\":360,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/exchange-rates-gbp-inr.jpg\",\"keywords\":[\"gbp\",\"gbp\\\/inr\",\"house prices\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104105-gbp-inr-continues-to-decline-despite-indias-record-gdp-slump\\\/\",\"name\":\"GBP\\\/INR Continues to Decline Despite India\u2019s Record GDP Slump - 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