{"id":107754,"date":"2021-01-13T07:51:09","date_gmt":"2021-01-13T07:51:09","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=107754"},"modified":"2021-01-13T07:53:52","modified_gmt":"2021-01-13T07:53:52","slug":"105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\/","title":{"rendered":"GBP\/INR: Rupee Declines as RBI Is Free to Ease Policy After Drop in Inflation"},"content":{"rendered":"

GBP\/INR<\/a> has broken above 100.00 again, trading close to the highest level in five years, though the rate is pulling back in early trading on Wednesday. At the time of writing, one British pound<\/a> buys 100.043 Indian dollars<\/a>, down 0.01% as of 7:10 AM UTC. Yesterday, the pair surged 0.79%, after two consecutive bearish sessions. Still, the pair hasn\u2019t broken above the resistance of a horizontal channel that has been around for weeks.<\/p>\n

The pair rallied on Tuesday both because of a strengthening pound and a weakening rupee. The Indian currency lost ground after the country\u2019s Ministry of Statistics released retail inflation data measured by the consumer prices index (CPI), which fell to 4.59% in December, from 6.93% in November. Analysts expected a decline to 5.28%. The drop in inflation was driven by a significant decline in the prices of foods and vegetables. This is the lowest inflation reading since November 2019, which gives the Reserve Bank of India (RBI) some free hand to support the economy through potentially lower interest rates. This scenario is putting pressure on the rupee.<\/p>\n

RBI\u2019s inflation target ranges between 2% and 6%. The inflation maintained above that range for eight months, which was the longest streak since the summer of 2014. The situation made it difficult for the central bank to ease the monetary policy because of stagflation risks.<\/p>\n

Sterling Rose on Bailey\u2019s Comments<\/h2>\n

Elsewhere, the pound has recovered against majors despite downbeat fundamentals related to the worsening pandemic. The sterling might react to the ongoing vaccination campaign that was praised by the UK Prime Minister Boris Johnson. Also, Britain reported less than 50,000 new COVID infections yesterday, though the death toll is still very high.<\/p>\n

Bank of England Governor Andrew Bailey said yesterday that the economy was experiencing its \u201cdarkest hour.\u201d Still, he didn\u2019t seem to favor suggestions that slashing interest rates to the negative territory would be the necessary way to support growth. Bailey stated<\/a>:<\/p>\n

\u201c(We’re) in a very difficult period at the moment and there’s no question that it’s going to delay, probably, the trajectory.\u201d<\/em><\/p>\n

Bailey\u2019s comments on \u201clots of issues\u201d with below-zero rates supported the pound against majors.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR has broken above 100.00 again, trading close to the highest level in five years, though the rate is pulling back in early trading on Wednesday. At the time of writing, one British pound buys 100.043 Indian dollars, down 0.01% as of 7:10 AM UTC. Yesterday, the pair surged 0.79%, after two consecutive bearish sessions. […]<\/p>\n","protected":false},"author":163946609,"featured_media":83445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[2451,1394,1861,2851,1666,1946],"class_list":{"0":"post-107754","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-inr","9":"tag-andrew-bailey","10":"tag-gbp","11":"tag-gbp-inr","12":"tag-india-inflation","13":"tag-inr","14":"tag-rbi"},"acf":[],"yoast_head":"\nGBP\/INR: Rupee Declines as RBI Is Free to Ease Policy After Drop in Inflation - 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\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\/\" \/>\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\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR: Rupee Declines as RBI Is Free to Ease Policy After Drop in Inflation\",\"datePublished\":\"2021-01-13T07:51:09+00:00\",\"dateModified\":\"2021-01-13T07:53:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/\"},\"wordCount\":367,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/inr-gbp-exchange-rates-convert.jpg\",\"keywords\":[\"Andrew Bailey\",\"gbp\",\"gbp\\\/inr\",\"India inflation\",\"inr\",\"RBI\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105223-gbp-inr-rupee-declines-as-rbi-is-free-to-ease-policy-after-drop-in-inflation\\\/\",\"name\":\"GBP\\\/INR: Rupee Declines as RBI Is Free to Ease Policy After Drop in Inflation - 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