{"id":104904,"date":"2020-09-18T08:20:21","date_gmt":"2020-09-18T07:20:21","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=104904"},"modified":"2020-09-18T13:31:02","modified_gmt":"2020-09-18T12:31:02","slug":"104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\/","title":{"rendered":"GBP\/INR: Pound Drops After BoE\u2019s Hints About Negative Rates"},"content":{"rendered":"

GBP\/INR<\/a> turned bearish on Friday, after four straight bullish sessions during which the pair gained about 1.70%. Thus, the pair is set to end week higher thanks to the recent rebound. At the time of writing, one British pound<\/a> buys 94.981 Indian rupees<\/a>, down 0.51% as of 6:50 AM UTC.<\/p>\n

Yesterday, the Bank of England (BoE) left the interest rate unchanged at 0.1%, in line with economists\u2019 expectations. However, investors reacted to the bank\u2019s comments that it would consider negative rates given the looming no-deal Brexit, high unemployment, and the increasing number of COVID cases.<\/p>\n

The BoE admitted that the UK economy was recovering at a faster pace than the bank had previously expected, which is why all policymakers unanimously voted to maintain the interest rate and keep the main stimulus programmes on hold for a while.<\/p>\n

Britain experienced the biggest GDP contraction among G7 countries in the April-June period, tumbling 20%.<\/p>\n

Given the tough situation amid the Brexit talks saga and increasing unemployment, the BoE might consider boosting stimulus in the coming months, especially when experts warn of a second wave of the pandemic.<\/p>\n

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

Earlier today, UK retail sales data confirmed the BoE\u2019s observations of faster recovery. British shoppers continued to spend in August, bringing sales further above pre-COVID levels. The Office for National Statistics (ONS) said that retail sales volumes increased by 0.8% last month, beating analysts\u2019 expectations of a 0.7% increase. The index was up 2.8% year on year, just below the anticipated 3.0% annual growth. Retail sales have already broken above pre-COVID levels in July and now extended the increase.<\/p>\n

Nevertheless, online retailers were the biggest gainers, while high-street retailers still wait for better days.<\/p>\n

ONS deputy national statistician Jonathan Athow commented<\/a>:<\/p>\n

\u201cClothing stores continued to struggle, with sales still well below their February level. Overall, the switch to greater online sales means the high street remains under pressure<\/em>.\u201d<\/p>\n

Clothing sales were up 13.5% on the month, but still declined 15.5% on the year.<\/p>\n

As for India, the country might see a double-digit contraction this fiscal year due to the impact of the pandemic and the lockdown measures. The number of confirmed COVID cases continues to increase.<\/p>\n

GBP Index Today - last 180 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 turned bearish on Friday, after four straight bullish sessions during which the pair gained about 1.70%. Thus, the pair is set to end week higher thanks to the recent rebound. At the time of writing, one British pound buys 94.981 Indian rupees, down 0.51% as of 6:50 AM UTC. Yesterday, the Bank of England […]<\/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":[1530,1394,1861,1666,1840],"class_list":{"0":"post-104904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-bank-of-england","10":"tag-gbp","11":"tag-gbp-inr","12":"tag-inr","13":"tag-uk-retail-sales"},"acf":[],"yoast_head":"\nGBP\/INR: Pound Drops After BoE\u2019s Hints About Negative Rates - 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\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\/\" \/>\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\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR: Pound Drops After BoE\u2019s Hints About Negative Rates\",\"datePublished\":\"2020-09-18T07:20:21+00:00\",\"dateModified\":\"2020-09-18T12:31:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/\"},\"wordCount\":429,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Awaiting-Inflation-Data-from-UK-India.jpg\",\"keywords\":[\"bank of england\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"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\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104351-gbp-inr-pound-drops-after-boes-hints-about-negative-rates\\\/\",\"name\":\"GBP\\\/INR: Pound Drops After BoE\u2019s Hints About Negative Rates - 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