{"id":108340,"date":"2021-02-10T09:49:40","date_gmt":"2021-02-10T09:49:40","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=108340"},"modified":"2021-02-10T09:49:40","modified_gmt":"2021-02-10T09:49:40","slug":"105375-gbp-inr-continues-rally-trades-near-101-00","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/105375-gbp-inr-continues-rally-trades-near-101-00\/","title":{"rendered":"GBP\/INR Continues to Rally, Trades Near 101.00"},"content":{"rendered":"

GBP\/INR<\/a> continues the rally that propelled it to a fresh year-to-date high, breaking above the strong resistance of a horizontal channel that formed in mid-December. At the time of writing, the pound<\/a> buys 100.926 Indian rupees<\/a>, up 0.28%. The price hit a session high at 100.945, which coincides with the highest level since June 2016. If it breaks above the psychological level of 101.00, it can touch the highest since December 2015. This is the fifth consecutive bullish session for the pound, which is leveraging the optimism surrounding the COVID vaccine rollout and the Bank of England\u2019s reluctance to introduce negative interest rates.<\/p>\n

It seems that the vaccine program and the lockdown measures are working in the UK, as the number of confirmed new cases dropped to the lowest since the beginning of December. The death toll is also declining.<\/p>\n

India\u2019s Retail Inflation Likely Down in January<\/h2>\n

Besides a stronger pound, the Indian currency is under pressure as the Reserve Bank of India (RBI) has more room to consider an interest rate cut to support the economy. A recent survey conducted by Reuters found out that India\u2019s retail inflation dropped last month but maintained within the RBI\u2019s target range. The poll, which involved 50 economists, suggests that retail inflation dropped to 4.45% in January from 4.59% in December. That figure would mean the lowest inflation since October 2019. RBI\u2019s target is between 2% and 6%. Prices used to keep higher than the central bank\u2019s target, which made it difficult for the bank to cut interest rates.<\/p>\n

Sakshi Gupta, a senior economist at HDFC Bank, commented<\/a>:<\/p>\n

\u201cInflation was expected to ease in January led by correction in vegetable prices. However, the moderation is capped as cereals and pulses prices rose in the month. Moreover, there is likely to be some upward pressure due to rising crude oil prices.\u201d<\/em><\/p>\n

Even if the RBI will refrain from cutting rates, at least it will remain accommodative and support the government\u2019s 12 trillion rupees borrowing programme for the next fiscal year.<\/p>\n

Radhika Rao, an economist at DBS Bank in Singapore, said:<\/p>\n

\u201cWhile the door for further rate cuts has been effectively closed, this year’s balancing act will be to continue with a calibrated approach to liquidity normalization as growth gains traction.<\/em>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/INR continues the rally that propelled it to a fresh year-to-date high, breaking above the strong resistance of a horizontal channel that formed in mid-December. At the time of writing, the pound buys 100.926 Indian rupees, up 0.28%. The price hit a session high at 100.945, which coincides with the highest level since June 2016. […]<\/p>\n","protected":false},"author":163946609,"featured_media":80615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1693],"tags":[1394,1861,2851,1666],"class_list":{"0":"post-108340","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"},"acf":[],"yoast_head":"\nGBP\/INR Continues to Rally, Trades Near 101.00 - 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\/105375-gbp-inr-continues-rally-trades-near-101-00\/\" \/>\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\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/INR Continues to Rally, Trades Near 101.00\",\"datePublished\":\"2021-02-10T09:49:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/\"},\"wordCount\":378,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/GBP-INR-Awaiting-Inflation-Data-from-UK-India.jpg\",\"keywords\":[\"gbp\",\"gbp\\\/inr\",\"India inflation\",\"inr\"],\"articleSection\":[\"GBP\",\"INR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/105375-gbp-inr-continues-rally-trades-near-101-00\\\/\",\"name\":\"GBP\\\/INR Continues to Rally, Trades Near 101.00 - 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