{"id":108266,"date":"2021-02-05T09:22:15","date_gmt":"2021-02-05T09:22:15","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=108266"},"modified":"2021-02-05T09:22:15","modified_gmt":"2021-02-05T09:22:15","slug":"105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\/","title":{"rendered":"GBP\/INR Bullish on Friday as BoE Refrains from Signaling Negative Rates"},"content":{"rendered":"

GBP\/INR<\/a> is bouncing back after touching the support level of a sideways channel. At the time of writing, one British pound<\/a> buys 99.916 Indian rupees<\/a>, up 0.20% as of 8:30 AM UTC. On Monday, the pair hit the highest level in about five years but retreated on a stronger rupee. Still, the price didn\u2019t break below the support line of the horizontal channel that formed in mid-December and is now heading towards its resistance.<\/p>\n

The sterling recovered from earlier losses after the Bank of England (BoE) ruled out the possibility of negative interest rates at least for the coming months.<\/p>\n

On Thursday, the BoE\u2019s Monetary Policy Committee (MPC) voted to maintain the rates unchang ed at the record low of 0.10%. The MPC also left the size of the quantitative easing programme unchanged at 875 billion pounds. Both decisions were in line with expectations.<\/p>\n

The central bank downgraded its GDP forecast for 2021 from 7% to 5%, given the expected contraction in the first quarter amid the national lockdown. The BoE anticipates the economy to drop 4% in the first three months of the year. Still, the bank stressed that the outlook remained uncertain. The fast pace of the vaccination program is expected to contribute to a rapid recovery of the economy.<\/p>\n

As for negative rates, the BoE said that it didn\u2019t intend to hint to sub-zero rates, especially in the short-term. Nevertheless, the central bank has requested that banks should prepare for negative interest rates in the case they will be needed in the future.<\/p>\n

Governor Andrew Bailey said<\/a>:<\/p>\n

\u201cMy message to the markets is you really should not try to read the future behaviour of the MPC from these decisions and these actions we’re taking on the toolbox.\u201d<\/em><\/p>\n

RBI Maintains Repo Rate at 4%<\/h2>\n

Elsewhere, the Reserve Bank of India (RBI) also maintained its key repo rate unchanged at 4.00% earlier today. The central bank lowered its retail inflation projection for the current quarter at 5.2%. As for the economy, the RBI said that it would look upwards from here.<\/p>\n

Meanwhile, the central bank is working on a digital currency. It formed an internal committee that is analyzing the potential model. Last week, India banned privative cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR is bouncing back after touching the support level of a sideways channel. At the time of writing, one British pound buys 99.916 Indian rupees, up 0.20% as of 8:30 AM UTC. On Monday, the pair hit the highest level in about five years but retreated on a stronger rupee. Still, the price didn\u2019t break […]<\/p>\n","protected":false},"author":163946609,"featured_media":83913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1530,1394,1861,1666,1750],"class_list":{"0":"post-108266","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-reserve-bank-of-india"},"acf":[],"yoast_head":"\nGBP\/INR Bullish on Friday as BoE Refrains from Signaling 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\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-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\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Bullish on Friday as BoE Refrains from Signaling Negative Rates\",\"datePublished\":\"2021-02-05T09:22:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/\"},\"wordCount\":373,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/exchange-rates-gbp-inr.jpg\",\"keywords\":[\"bank of england\",\"gbp\",\"gbp\\\/inr\",\"inr\",\"Reserve Bank of India\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105357-gbp-inr-bullish-on-friday-as-boe-refrains-from-signaling-negative-rates\\\/\",\"name\":\"GBP\\\/INR Bullish on Friday as BoE Refrains from Signaling Negative Rates - 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