{"id":107140,"date":"2020-12-10T07:44:47","date_gmt":"2020-12-10T07:44:47","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=107140"},"modified":"2020-12-10T07:44:47","modified_gmt":"2020-12-10T07:44:47","slug":"105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\/","title":{"rendered":"GBP\/INR: Pound Declines on Brexit Pessimism, GDP Data"},"content":{"rendered":"

GBP\/INR<\/a> is declining in early trading on Thursday, losing all of its gains from Wednesday. At the time of writing, one British pound<\/a> buys 98.407 Indian rupees<\/a>, down 0.35% as of 7:00 AM UTC. On Wednesday, the pair gained 0.32%.<\/p>\n

The pound is under pressure on the back of ongoing Brexit uncertainty, as the face-to-face meeting between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen hasn\u2019t led to any result. The two set a final deadline for Sunday.<\/p>\n

A source in the PM\u2019s office said<\/a>:<\/p>\n

\u201cVery large gaps remain between the two sides and it is still unclear whether these can be bridged.\u201d<\/em><\/p>\n

The odds for a no-deal Brexit have increased a lot. The meeting between Johnson and EC President was regarded as one of the last chances to break an impasse in Brexit talks. However, the two failed to narrow the gaps.<\/p>\n

UK GDP Slowed in October<\/h2>\n

Meanwhile, the sterling is also under pressure after the Office for National Statistics (ONS) reported GDP data according to which Britain\u2019s economic recovery has slowed in October, following a rapid increase in the number of COVID infections. In October, the GDP rose 0.4% from September, in line with expectations. In September, the economy accelerated by 1.1%.<\/p>\n

The UK has suffered an economic shock during the pandemic, with the GDP tumbling a record 19.8% in the second quarter. The recovery took off at the end of the summer, but it has slowed down at the end of September amid the resurgence of the virus.<\/p>\n

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

\u201cThe reintroduction of some (COVID) restrictions saw services growth hit, with large falls in hospitality, meaning the economy overall grew only modestly.\u201d<\/em><\/p>\n

The UK\u2019s economic output was over 8% lower compared to the levels seen in October 2019. The Confederation of British Industry (CBI) estimated that Britain\u2019s economy wouldn\u2019t return to pre-COVID levels until the end of 2022.<\/p>\n

Investor sentiment has also been affected by the UK\u2019s warning that people with a history of anaphylaxis shouldn\u2019t get the COVID vaccine, which was approved a few days ago. The warning came after two people who received the shot had serious adverse reactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR is declining in early trading on Thursday, losing all of its gains from Wednesday. At the time of writing, one British pound buys 98.407 Indian rupees, down 0.35% as of 7:00 AM UTC. On Wednesday, the pair gained 0.32%. The pound is under pressure on the back of ongoing Brexit uncertainty, as the face-to-face […]<\/p>\n","protected":false},"author":163946609,"featured_media":47015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1396,1475,1394,1861,1666,1813],"class_list":{"0":"post-107140","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-boris-johnson","10":"tag-brexit-talks","11":"tag-gbp","12":"tag-gbp-inr","13":"tag-inr","14":"tag-uk-gdp"},"acf":[],"yoast_head":"\nGBP\/INR: Pound Declines on Brexit Pessimism, GDP Data - 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\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\/\" \/>\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\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR: Pound Declines on Brexit Pessimism, GDP Data\",\"datePublished\":\"2020-12-10T07:44:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/\"},\"wordCount\":372,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/gbp-inr.jpg\",\"keywords\":[\"boris johnson\",\"Brexit talks\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"uk gdp\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105009-gbp-inr-pound-declines-on-brexit-pessimism-gdp-data\\\/\",\"name\":\"GBP\\\/INR: Pound Declines on Brexit Pessimism, GDP Data - 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