{"id":105434,"date":"2020-09-30T08:15:26","date_gmt":"2020-09-30T07:15:26","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105434"},"modified":"2020-09-30T08:15:26","modified_gmt":"2020-09-30T07:15:26","slug":"104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/","title":{"rendered":"GBP\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod"},"content":{"rendered":"

GBP\/INR<\/a> is retreating from weekly highs in early trading on Wednesday. At the time of writing, one British pound<\/a> buys 94.713 Indian rupees<\/a>, down 0.15% as of 6:45 AM UTC. The pair broke above 95.00 by the end of Tuesday but failed to consolidate above that level.<\/p>\n

The sterling started to decline after the Internal Market Bill passed the vote in the UK\u2019s House of Commons. The new bill gives ministers the power to override the current treaty with the European Union, even though European leaders threatened that Britain should be ready for the worst if it ignores the current Withdrawal Agreement. Previously, ministers admitted that the Internal Market Bill breaks international law. However, UK Prime Minister Boris Johnson said that it was needed to maintain the kingdom\u2019s unity.<\/p>\n

Now the bill has to pass through the upper house of the UK parliament and may suffer changes. It\u2019s worth mentioning that Johnson\u2019s Conservative party doesn\u2019t have a comfortable majority in the House of Lords.<\/p>\n

The bill aims to protect free trade between the UK\u2019s four nations after the divorce. Johnson said that the new document was necessary to maintain free trade specifically with Northern Ireland and would only be used if negotiations on a border solution with Europe fail. On the other side, the EU wants some border control between Britain and Northern Ireland, so that the goods couldn\u2019t move freely to the EU\u2019s Ireland.<\/p>\n

UK GDP Shows Record Contraction in Q2<\/h2>\n

Despite the pressure, the pound might find some support in GDP data that was released just recently. The UK economy fell by a record 19.8% in the second quarter of the current year. Still, the decline is smaller than the initial expectation of a 20.4% drop. The record decline has to do with the COVID pandemic and the lockdown imposed in mid-March. The UK has experienced Europe\u2019s highest death toll from the new coronavirus.<\/p>\n

The economy has bounced back since Johnson\u2019s government eased the social distancing measures, but the number of cases is increasing again as we enter the fourth quarter. The government had no choice than to go back to a partial lockdown.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR is retreating from weekly highs in early trading on Wednesday. At the time of writing, one British pound buys 94.713 Indian rupees, down 0.15% as of 6:45 AM UTC. The pair broke above 95.00 by the end of Tuesday but failed to consolidate above that level. The sterling started to decline after the Internal […]<\/p>\n","protected":false},"author":163946609,"featured_media":5352,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1475,1394,1861,1666,1756],"class_list":{"0":"post-105434","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-brexit-talks","10":"tag-gbp","11":"tag-gbp-inr","12":"tag-inr","13":"tag-uk-economy"},"acf":[],"yoast_head":"\nGBP\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod - 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\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/\" \/>\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\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod\",\"datePublished\":\"2020-09-30T07:15:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/\"},\"wordCount\":374,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100900-gbp-eur-pound-drop-brexit-vote.jpg\",\"keywords\":[\"Brexit talks\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"uk economy\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/\",\"name\":\"GBP\\\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod - Currency Live\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100900-gbp-eur-pound-drop-brexit-vote.jpg\",\"datePublished\":\"2020-09-30T07:15:26+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#primaryimage\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100900-gbp-eur-pound-drop-brexit-vote.jpg\",\"contentUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100900-gbp-eur-pound-drop-brexit-vote.jpg\",\"width\":1200,\"height\":675,\"caption\":\"gbp-eur-forex-market\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/currencylive.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GBP\\\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod\"}]},{\"@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 Retreats from Weekly Peak as Internal Market Bill Gets the Nod - 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\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/","twitter_misc":{"Written by":"Anatol Antonovici","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#article","isPartOf":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/"},"author":{"name":"Anatol Antonovici","@id":"https:\/\/currencylive.com\/news\/#\/schema\/person\/c9c031720b5822c1d9bb63b59c6535ce"},"headline":"GBP\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod","datePublished":"2020-09-30T07:15:26+00:00","mainEntityOfPage":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/"},"wordCount":374,"image":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#primaryimage"},"thumbnailUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/08\/100900-gbp-eur-pound-drop-brexit-vote.jpg","keywords":["Brexit talks","gbp","gbp\/inr","inr","uk economy"],"articleSection":["GBP","INR"],"inLanguage":"en-US","copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/currencylive.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/","url":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/","name":"GBP\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod - Currency Live","isPartOf":{"@id":"https:\/\/currencylive.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#primaryimage"},"image":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#primaryimage"},"thumbnailUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/08\/100900-gbp-eur-pound-drop-brexit-vote.jpg","datePublished":"2020-09-30T07:15:26+00:00","author":{"@id":"https:\/\/currencylive.com\/news\/#\/schema\/person\/c9c031720b5822c1d9bb63b59c6535ce"},"breadcrumb":{"@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#primaryimage","url":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/08\/100900-gbp-eur-pound-drop-brexit-vote.jpg","contentUrl":"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2019\/08\/100900-gbp-eur-pound-drop-brexit-vote.jpg","width":1200,"height":675,"caption":"gbp-eur-forex-market"},{"@type":"BreadcrumbList","@id":"https:\/\/currencylive.com\/news\/104505-gbp-inr-retreats-from-weekly-peak-as-internal-market-bill-gets-the-nod\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/currencylive.com\/news\/"},{"@type":"ListItem","position":2,"name":"GBP\/INR Retreats from Weekly Peak as Internal Market Bill Gets the Nod"}]},{"@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\/08\/100900-gbp-eur-pound-drop-brexit-vote.jpg","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/105434","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=105434"}],"version-history":[{"count":1,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/105434\/revisions"}],"predecessor-version":[{"id":105435,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/posts\/105434\/revisions\/105435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/media\/5352"}],"wp:attachment":[{"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/media?parent=105434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/categories?post=105434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/currencylive.com\/news\/wp-json\/wp\/v2\/tags?post=105434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}