{"id":106571,"date":"2020-11-13T08:20:14","date_gmt":"2020-11-13T08:20:14","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106571"},"modified":"2020-11-13T08:21:42","modified_gmt":"2020-11-13T08:21:42","slug":"104800-gbp-inr-pound-recovers-maintains-above-98-00","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104800-gbp-inr-pound-recovers-maintains-above-98-00\/","title":{"rendered":"GBP\/INR: Pound Recovers, Maintains Above 98.00"},"content":{"rendered":"

GBP\/INR<\/a> is struggling to maintain above 98.000 after losing half a percent on Thursday. At the time of writing, one British pound<\/a> buys 98.043 Indian rupees<\/a>, up 0.11% as of 7:40 AM UTC. On the daily chart, the price is still above the support line of an uptrend that started at the end of September, despite yesterday\u2019s losses.<\/p>\n

On Thursday, the UK\u2019s Office for National Statistics (ONS) reported disappointing GDP data for September and the third quarter. Britain’s record quarterly growth of over 15% missed expectations.<\/p>\n

The pound reacted to the figures and dropped below 98.000, finding support at around 97.800.<\/p>\n

India\u2019s Inflation Keeps Above 7%, Which Leaves RBI with Hands Tied<\/h2>\n

Several hours after the ONS report, India\u2019s Ministry of Statistics said that retail inflation remained above the 7% level for the second straight month in October, which makes it difficult for the Reserve Bank of India (RBI) to further cut the interest rate in an effort to support the economy. The RBI\u2019s inflation target ranges between 2% and 6%.<\/p>\n

In October, India\u2019s CPI inflation came in at 7.61%, as food prices rose amid supply disruptions caused by the pandemic and the subsequent lockdown measures. The consumer food inflation surged over 11%.<\/p>\n

Thus, the retail inflation figure maintains above the central bank\u2019s upper target for the seventh consecutive month. Under these circumstances, the RBI will most likely leave the rate unchanged in December and will wait for another series of inflation data before pondering further ease. This will happen no earlier than February next year. The central bank said<\/a> in its October review:<\/p>\n

\u201cA bumper rabi crop, moderate increases in minimum support prices (MSPs) for kharif crops, a normal monsoon, sizeable buffer stocks and good water storage levels in major reservoirs augur well for the inflation outlook.<\/em>\u201d<\/p>\n

The RBI expects the retail inflation to decline in the second half of the current fiscal year. It anticipates the CPI to drop below 6% in Q3 and below 5% in the final quarter.<\/p>\n

India also released an update on its industrial production, which rose 0.2% in September compared to a 4.6% drop in the same period last year. This was the first increase in six months. Still, manufacturing continued to contract.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR is struggling to maintain above 98.000 after losing half a percent on Thursday. At the time of writing, one British pound buys 98.043 Indian rupees, up 0.11% as of 7:40 AM UTC. On the daily chart, the price is still above the support line of an uptrend that started at the end of September, […]<\/p>\n","protected":false},"author":163946609,"featured_media":82150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1861,2851,1666,1750],"class_list":{"0":"post-106571","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-india-inflation","12":"tag-inr","13":"tag-reserve-bank-of-india"},"acf":[],"yoast_head":"\nGBP\/INR: Pound Recovers, Maintains Above 98.00 - 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\/104800-gbp-inr-pound-recovers-maintains-above-98-00\/\" \/>\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\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR: Pound Recovers, Maintains Above 98.00\",\"datePublished\":\"2020-11-13T08:20:14+00:00\",\"dateModified\":\"2020-11-13T08:21:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/\"},\"wordCount\":367,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Rupee-Benefits-from-US-China-Trade-Optimism.jpg\",\"keywords\":[\"gbp\",\"gbp\\\/inr\",\"India inflation\",\"inr\",\"Reserve Bank of India\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104800-gbp-inr-pound-recovers-maintains-above-98-00\\\/\",\"name\":\"GBP\\\/INR: Pound Recovers, Maintains Above 98.00 - 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